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.

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

09/13/2018 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

08/13/2018 Company News

Acorn Inc wins 2018 SouthCoast Business of the Year

Acorn Inc

The SouthCoast Chamber of Commerce has awarded Acorn, Inc. as the 2018 APEX Small Business of the Year, citing the company’s success in “turning unused but historically significant structures into bustling centers of residential life” in New Bedford. The award committee noted that the Acorn had the vision to recognize New Bedford’s potential, and the desire to preserve its historic character with the development and management of the Lofts at Wamsutta Place, Victoria Riverside Lofts, and the Riverbank Lofts. With nearly 500 units across 1 million square feet, maintaining above 98% occupancy rate, these buildings represent $100 million in private investment funds to the local economy. The properties proudly contribute over $800,000 to the city annually, create multiple job opportunities, and generate business for local vendors. “We are deeply honored to receive this award,” said Quentin Ricciardi, CEO, “And of all our investments, the one that’s most important to us is our investment in our staff. As a family-owned and run business for over 70 years, we treat our employees like an extension of that family and as a result we have a team who believes in the mission of providing stunning and unique quality housing at reasonable rates. You can see this is the relationships they build with residents who contribute to canned food and clothing drives, and they way they give back to the community through Operation Clean Sweep and other community projects.” Acorn was recognized for its commitment to sustainable and renewable energy as an example of their forward thinking. They currently have 2 megawatts of solar panels across the roofs of all properties. Acorn Inc. is a Massachusetts-based real estate development and management company specializing in large scale, market rate adaptive reuse projects. Today, under the leadership of a Quentin Ricciardi as CEO, other family members and experienced staff, Acorn continues to develop, construct and manage properties throughout New England.

Contact: Quentin Ricciardi, 617-479-2424

08/09/2018 Personnel News

Hagood S. Morrison II, Vice President of Bridge Commercial, selected to serve on The Bank of South Carolina’s North Charleston Bank Advisory Board

Bridge Commercial

Hagood S. Morrison II, Vice President of Bridge Commercial, selected to serve on The Bank of South Carolina’s North Charleston Bank Advisory Board CHARLESTON, SC – Bridge Commercial is proud to announce that Hagood S. Morrison II, Vice President, was selected by The Bank of South Carolina to serve on the North Charleston Bank Advisory Board. This award reflects Morrison’s deep market knowledge and the respect he's earned in the business community here in Charleston, SC. 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

08/09/2018 Company News

MATT KOBLEGARD JOINS BRIDGE COMMERCIAL, CHARLESTON’S TOP COMMERCIAL REAL ESTATE FIRM, AS ASSOCIATE

Bridge Commercial

MATT KOBLEGARD JOINS BRIDGE COMMERCIAL, CHARLESTON’S TOP COMMERCIAL REAL ESTATE FIRM, AS ASSOCIATE CHARLESTON, SC – Bridge Commercial is proud to announce the hire of Matt Koblegard as an associate. Koblegard will work with clients on all phases of commercial leasing and sales. Koblegard has an extensive background in business law, focusing on real estate transactions and administrative representation. “We are confident that Matt’s real estate law background and his passion for commercial development and investment will help him thrive in his position,” says Peter Fennelly, President. 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

08/09/2018 Deal

BRIDGE COMMERCIAL REPRESENTS GREENVILLE RETAIL, LLC IN THE PURCHASE OF INDUSTRIAL BUILDINGS

Bridge Commercial

CHARLESTON, SC – Bridge Commercial is pleased to announce the sale of 4401 & 4531 Piggly Wiggly Drive in North Charleston, SC. The 416,384 SF industrial building, located on 16.84 acres of land near the intersection of I-26 and I-526, was sold to Greenville Retail, LLC. The buyer was represented by Will Crowell, Senior Associate, and Mark A. Mattison II, Senior Vice President, of Bridge Commercial. The price is undisclosed. 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

08/08/2018 Personnel News

V3 Expands Environmental Expertise in Ohio

V3 Companies

WOODRIDGE, IL – Jay Simonds, P.G., has joined V3 Companies’ Columbus, Ohio office as Senior Environmental Project Manager. A former US Army Corps of Engineers service member, Jay has a Bachelor of Arts in Geology from the College of Wooster in Ohio and will be focusing on delivering projects for the commercial development, power and energy, and industry markets, along with V3’s full spectrum of services. Jay is an accomplished Professional Geologist and environmental business manager. He has more than 25 years of experience, having managed over 1,000 technical engineering and construction projects in addition to extensive field and office operations experience.

Contact: Shannon Simpson, 630-729-6267

08/06/2018 Company News

THE BLAU & BERG COMPANY ANNOUNCES THE SALE OF A 100,400 SF INDUSTRIAL PROPERTY AT 76-104 THIRD AVENUE, KEARNY NJ

The Blau & Berg Company

SHORT HILLS, NJ, August 6, 2018 – The Blau & Berg Company, a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, announced today the sale of a 100,400 SF industrial warehouse distribution facility located at 76-104 Third Avenue in Kearny, New Jersey. Jason M. Crimmins, CCIM, SIOR, Kenneth F. Crimmins, CCIM, SIOR and Michael Schipper, Director, represented the seller, LTL-RE Holding, LLC. Located only 2 miles from Route 280, with proximity to Port Newark and Port Elizabeth, as well as easy access to the NJ Turnpike, Newark International Airport and the Meadowlands region, this 100,400 SF industrial property is in an ideal location. The property consists of four units on 5.4 acres, including 86,040 SF of warehouse space and 12,840 SF office. The property boasts an abundance of improved land for outdoor parking and storage, providing an attractive opportunity for tenants in need of warehousing with a highly sought-after land component. “Demand for industrial space in New Jersey continues to grow with an increased interest in warehouses, logistics and last-mile delivery,” noted Michael Schipper. “Situated in an industrial zone in Kearny, and with key upgrades planned by new ownership, this property is an exceptional value-add investment opportunity.” About The Blau & Berg Company The Blau & Berg Company (www.blauberg.com) was founded in 1932 and holds a leading position in the New Jersey and Tri-State commercial real estate market. Headquartered in Short Hills, New Jersey, The Blau & Berg Company is an independent, full-service commercial real estate brokerage firm, providing expert and personalized services in industrial, office and retail real estate, including: site selection, acquisitions, dispositions, leasing, tenant representation, portfolio sales, asset repositioning, and property & construction management.

Contact: Whitney Driver-Crimmins, 973-379-6644

07/31/2018 Company News

C.W. Driver Companies Breaks Ground on $25M Crown Valley Park Community Building in Laguna Niguel

C.W. Driver Companies

PASADENA, Calif. – July. 31, 2018 – C.W. Driver Companies, a premier builder serving California since 1919, celebrated the groundbreaking of the Crown Valley Park Community Building, a 30,000-square-foot, three-story building in Laguna Niguel, California. The $25 million project marks the final phase of a three-tier improvement plan for Crown Valley Community Park, with full completion anticipated for Spring 2020. The new facility will include offices, a multi-purpose room for up to 300 people, a kitchen, classrooms and other spaces designated for art, technology, dance and fitness. Adding to the building’s appeal is a rooftop patio overlooking the adjacent community pool. Integrated design firm LPA Inc. worked alongside C.W. Driver Companies to create a facility for the City of Laguna Niguel that is cost effective, reflects a timeless design and improves operational efficiencies. The city aims to deliver a best-in-class recreational facility where residents can gather and experience a wide range of community events and activities. As part of this project, C.W. Driver will make exterior improvements to the existing YMCA building to complement the design of the new community building. Other enhancements include updating the community pool deck and its facility amenities, the outdoor festival area and other pedestrian-oriented features, in addition to realigning the main drive aisle and the parking area. The community building site is currently occupied by staff modular trailers and an existing community building, all of which will be demolished and replaced. The first tier of the Crown Valley Community Park improvement plan was completed in 2015 and included two new playgrounds, a splash pad, an expanded amphitheater and a new bathroom building. The second tier consisted of habitat restoration, the construction of a wetland, two small parking lots, a new entry bridge, an electronic marquee entry sign and an arch entry sign.

Contact: Jade Terry, 714-263-8752

07/26/2018 Company News

ATISA INDUSTRIAL CELEBRATES NEW HIGH-GROWTH PHASE

Atisa Industrial

Atisa Industrial celebrated the opening of its latest building with a gala ribbon cutting ceremony. The new building, dubbed Diamante, will provide 220,000 sq ft of class A industrial workspace for one to two clients. It is located in the heart of Pacifico Industrial Park, just 20 minutes south of the San Diego border. Atisa Group CEO Christian Carrillo (center) Cuts the ribbon with Secretary of Economic Development Bernabé Esquer (left) and Secretary of Labor and Social Services Francisco Iribe Paniagua (right) Many San Diego brokers were in attendance for the ceremony including Rob Hixson, SIOR from CBRE, Alma Miluso and Monique Medley of Lee & Associates, and Parker Schultz representing Pacific Coast Commercial. “This is a beautiful building and when I found out how quickly they can build them, I was impressed. What got me the most was the natural light, which is reducing the cost of electricity. It’s pretty innovative. [...]Their whole portfolio down here: super impressive.” said Parker Schultz. “I’m definitely bringing this back and sharing it with the industrial brokers at my firm. [...] I find lots of value for our clients at Pacific Coast Commercial.” Atisa Group CEO Christian Carrillo gives a talk on the benefits of trade between the U.S. and Mexico The Dimante building is the first of six buildings planned for completion by Atisa Industrial this year. Future projects range in size from 25,000 sq ft up to 650,000 sq ft, as well as a brand new state-of-the art industrial park.

Contact: Rick Chatham, 855-512-4368

07/23/2018 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. 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

07/20/2018 Company News

FORMER QUADGRAPHICS BUILDING SOLD

Coldwell Banker Commercial Fisher Group

WASECA, MINN.– The QuadGraphics Building (formerly Brown Printing) located at 2300 Brown Ave in Waseca, Minn. has been purchased by a group of Southern Minnesota based developers. Coldwell Banker Commercial Fisher Group (CBCFG) assisted the with the purchase of the building in late June. CBCFG worked to find investors interested in the expansive warehouse and manufacturing space and is now the listing broker. President and Broker/Owner, David Schooff, is working alongside the new owners to find ideal mix of tenants. “It’s not your typical warehouse, not only do you have an incredible amount of affordable space, but it has unique features like climate-controlled storage, an automated retrieval system and rail access,” Schooff said. “We knew we’d have to be innovative when finding the right buyer to make sure the building could be utilized to its full potential.” The new owners hope to attract tenants who are looking for industrial space with a focus on returning full time jobs to the greater Waseca community. Features include: 54,000 square feet of office space, 500 feet of indoor rail and equipment to provide massive production support. The building was on the market for less than six months. CBCFG is a leader of commercial real estate and business brokerage in Southern Minnesota and the number one Coldwell Banker Commercial office in Minnesota for the past several years.

Contact: Cate DeBates, 507-676-4327

07/18/2018 Company News

Calkain Completes Sale of McDonald's/Family Dollar Center in Orange, VA

Calkain

Calkain's Rich Murphy and Natalia Nunno recently completed the sale of the Orange Shopping Center in Orange, VA. The center consisted of a McDonald's and a Family Dollar store. A local buyer purchased the retail center for $1,020,000. The property has been occupied by these two tenants for over 30 years making it a very attractive investment. Calkain’s Nunno said “We had an enormous amount of interest in the property given the price point and its longstanding history.” Murphy continued “Properties like this don’t come on the market very often and when they do, they tend to sell quickly. That’s exactly what happened here.”

Contact: Traci Bidinger, 703-935-0947

07/17/2018 Company News

Despite Rising Cap Rates, Net Lease Remains Strong

Calkain

Calkain released its latest Q2 2018 Cap Rate Report. Calkain's research indicates a continued moderate rise in cap rates for single tenant net lease (STNL) properties. The quarterly change was 17 basis points, however when viewed over the trailing 12-36 months, rates are relatively stable with an average rate in the low 6's. Among the various sectors in net lease, there are large variances and a deeper look into the recorded transactions show shorter lease terms and as well as more double-net (NN) leases for several sectors.

Contact: Traci Bidinger, 703-935-0947

07/10/2018 Company News

Boston Capital Invests in Multifamily Community for Families in Santa Cruz, CA with For the Future Housing

Boston Capital

Boston Capital is investing in the construction of Water Street Apartments, a 41-unit apartment community for families in Santa Cruz, California. The developer partner is For the Future Housing (FTF), based in San Jose, CA. Located 40 miles south of San Jose and 75 miles south of San Francisco, Water Street Apartments will serve families earning 60 percent or less of the Area Median Income (AMI).

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

07/09/2018 Company News

BRIXTON CAPITAL CLOSES TWO DEALS AT RAINBOW PLAZA IN LAS VEGAS, NEVADA

Brixton Capital

Brixton Capital recently signed lease deals with Sprouts Farmers Market and Del Taco at its 358,632-square-foot Rainbow Plaza shopping center located at 861 South Rainbow Blvd. in Las Vegas, Nevada. Sprouts Farmers Market will occupy approximately 30,000 square feet of space, taking up a portion of a former JCPenney’s box space. Construction is slated to begin soon. Del Taco has started construction on a drive-through restaurant occupying approximately 2,400 square feet of space on the corner of South Rainbow Blvd. and Alta Drive, located at the north end of Rainbow Plaza. This will revitalize a corner that formerly contained an older jewelry store building that had been vacant for almost 10 years.

Contact: Travis King, 858-367-7147

07/05/2018 Deal

Cushman & Wakefield Inks Sale of The Office Court of Ramsey

Cushman & Wakefield

The Office Court of Ramsey traded in a June sale orchestrated by commercial real estate services firm Cushman & Wakefield. The 78,000-square-foot niche office park at 500 Lake Street sits immediately off Route 17 in one of the most densely populated and affluent areas of New Jersey. Cushman & Wakefield’s East Rutherford, N.J.-based investment sales team brought the Bergen County property to market on behalf of the seller, a private ownership entity. The team – headed by Andrew Merin including Andrew Schwartz and Ryan Larkin – approached a select group of investors, ultimately choosing BHN Associates as the buyer. The asset traded for $10.8 million.

Contact: Evelyn Weiss Francisco, 201-796-7788

07/05/2018 Company News

Sycolin Corner Strip Center Sells for $6.1 Million

Calkain

Calkain's Executive Managing Director, Andrew Fallon and Managing Director, Richard Murphy have recently completed the sale of the multi-tenant strip center located at 400 – 416 Sycolin Road SE in Leesburg, Virginia. The busy neighborhood retail center is anchored by a 9,300 SF Kiddie Academy and co-located with a neighborhood Walgreens. A local, high net-worth, repeat buyer purchased the retail center for $6,100,000 at $440.00 PSF. Fallon commented, “Investors are showing more interest in Amazon-proof neighborhood retail strip centers because they are convenience-focused, well-located buildings that are highly adaptable. They are typically acquired at higher cap rates due to the perception of additional management.” Murphy stated, “The high intrinsic value of the neighborhood location produced extremely strong interest in the property and in turn provided for multiple offers.”

Contact: Traci Bidinger, 703-935-0947

07/02/2018 Company News

R.D. Olson Construction Breaks Ground on Kings 838 Luxury Apartment Complex in West Hollywood

R.D. Olson Construction

R.D. Olson Construction, an award-winning general contracting firm in California, commenced ground-up construction on Kings 838, a 37,000-square-foot luxury apartment complex located at 838 N. Kings Road in West Hollywood, California. The property is situated in the heart of West Hollywood near Melrose Ave. Shopping District, the Hollywood Improv Comedy Club and the MAK Center for Art and Architecture at the Schindler House. The four-story, multi-unit housing project will include 25 units with one and two-bedroom options as well as below-ground parking. It also will feature myriad luxury amenities, including a car wash and pet wash station, fitness studio, yoga room and a third-floor deck with a pool and outdoor kitchen. The complex will also incorporate a theater designed to host movie premieres and live-streaming events of independent films and film festivals such as Sundance and Cannes. “Kings 838 is R.D. Olson Construction’s most high-end apartment project to-date and reflects our commitment to being at the forefront of multi-unit building trends,” said Bill Wilhelm, president of R.D. Olson Construction. “We are honored to partner with Darmos Properties to bring a luxury apartment community to West Hollywood equipped with high-end amenities that caters to the local market.” All apartment units will include walk-in closets, upscale bathrooms with air jet bathtubs from Bain Ultra and European-style kitchens with high-end appliances by Miele. Each unit will be designed with 9 to 11-foot high ceilings, allowing for more space and ample daylight. R.D. Olson Construction is working with Darmos Properties, Workplays Studio Architecture, Schnackel Engineers, KPFF, Burnett & Young, tk1sc and landscape architecture by Aron Nussbaum Studio on the project. Completion is anticipated for summer 2019.

Contact: Angelyssa Granillo, 909-576-1758

07/02/2018 Company News

BRIXTON CAPITAL PURCHASES FORMER EL CAJON POLICE STATION SITE

Brixton Capital

Brixton Capital purchased the former El Cajon Police Station located at 100 Fletcher Parkway in El Cajon, California for $4.2 million. The site, purchased from the City of El Cajon, marks Brixton’s fourth acquisition of 2018. Brixton will transform the approximately 4.11 acres of developable land into Fletcher Marketplace, a mixed-use project comprised of approximately 16,000 square feet of retail space and a 60,000 square foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel development portion of the project while Brixton simultaneously builds the retail portion.

Contact: Travis King, 858-367-7147

06/26/2018 Company News

Bridge Commercial Wins Leasing & Management of The Landing on Daniel Island, SC

Bridge Commercial

CHARLESTON, SC Bridge Commercial has been awarded management and leasing services of The Landing, a newly renovated 89,000 square-foot Class “A” office building on Daniel Island.

 

The Landing at 115 Fairchild Street is undergoing extensive improvements which are designed to create a fresh and innovative workspace environment for Charleston’s conventional professional service firms as well as growing technology firms and millennial workforce. The upgrades, totaling $2.5 MM, include an outdoor system of hardscape walks with collaborative outdoor seating for approximately 85 people, golf-cart parking and bikes racks. Additional upgrades to the lobby, corridors, restrooms, and parking lot including new lighting, paint, signage and improvements to entry and exit areas are scheduled for completion in July 2018. 

Mark Mattison, Mike Palmer, and Peter Fennelly of Bridge Commercial are handling the marketing and leasing of the building and Meredith Millender is the Property Manager. “We are pleased to be selected for leasing and management of The Landing. It has state of the art energy-efficient management systems, modern architecture, and the accessibility to amenities, providing a true lifestyle work environment on Daniel Island,” says Mark Mattison, Bridge Commercial’s Senior Vice President. 

The two initial tenants of the property are Infrastructure Consulting and Engineering and Wild Dunes, LLC. 

For additional information, contact Alicia Niland at alicia.niland@bridge.commercial.com.

Contact: Alicia Niland, 843-990-7869

06/21/2018 Deal

Cushman & Wakefield Orchestrates Sale of Fairfield Business Center

Cushman & Wakefield

Cushman & Wakefield has arranged the sale of Fairfield Business Center, a 16.8-acre, seven-building industrial/flex complex totaling 336,220 square feet in Fairfield, NJ for $30 million. Cushman & Wakefield’s NJ investment team members Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler represented the seller, Denholtz Associates, and procured the buyer, Weiss Realty. Fairfield Business Center was 88 percent leased to 61 tenants at the time of sale. It is strategically located immediately off Route 46, in the suburban Essex industrial submarket within minutes of major roadways including I-80, I-280 and Route 23, providing easy access to Northern New Jersey and the greater New York Metropolitan Area. The submarket contains 16.5 million square feet of industrial inventory, with access to a deep and diverse workforce, and is close to both executive and workforce housing.

Contact: Evelyn Weiss Francisco, 201-796-7788

06/21/2018 Company News

Cushman & Wakefield Arranges Sale-Leaseback of 473 Ridge Road in South Brunswick, N.J.

Cushman & Wakefield

Acting on behalf of Central Mills Inc, Cushman & Wakefield has arranged the sale-leaseback of 473 Ridge Road in South Brunswick to Saadia Group, LLC. The 318,389-square-foot warehouse/distribution facility, which includes 38,207 square feet of office space, offers expansion potential and is sited on a 28-acre parcel in the heart of New Jersey’s active Exit 8a market. The location provides easy access to the New Jersey Turnpike/I-95, I-287, I-78, and U.S. Routes 1, 9 and 130. Approximately 45 miles southwest of Manhattan and 60 miles northeast of Philadelphia, the location places nearly 60 million customers within a five-hour drive. The facility had been occupied by leading sportswear manufacturer Central Mills, Inc. d/b/a FREEZE and will continue to be occupied by them under a long-term sale-leaseback arrangement.

Contact: Evelyn Weiss Francisco, 201-796-7788

06/21/2018 Personnel News

Rackemann Hires NAOIP Member Kerry A. Hurley as Executive Director

Rackemann, Sawyer & Brewster

Boston law firm Rackemann, Sawyer & Brewster announces that Kerry A. Hurley has joined the firm as the new executive director. With 20 years of real estate industry experience, Hurley has handled a wide range of property management matters during her career, including contract negotiation, building management, and financial reporting. Previously, she served as general manager for Boston-based Oxford Properties, where she led the operations team of a 1.3 million-square-foot commercial office complex in the city’s elite Back Bay area. Hurley succeeds Thomas Corcoran, who served as Rackemann’s executive director for 21 years. As an experienced Class A commercial high-rise real estate manager, Hurley directed multimillion-dollar capital improvement budgets for major renovations, reconstruction, and complex tenant turnkey and buildouts. She has experience in contract negotiations with tenants, owners, vendors, and partner prospects. Hurley also managed owner and tenant relations, lease administration, financial reporting, and sustainability initiatives. At Rackemann, Hurley will draw upon her vast experience and professional network in the Boston real estate market to manage the firm’s overall business functions, including finance, HR, operations, IT, facilities, marketing, records management and staff. Rackemann Managing Director Michael F. O‘Connell said, “We sincerely thank Tom for his many years of faithful and successful service, and we welcome Kerry to the Rackemann team. Her wide-ranging experience in commercial real estate and property management will be an asset to our firm, which has a longstanding reputation as a preeminent real estate firm. We are confident that her background and skills will help drive the firm’s strategic planning, practice management and business development activities.” Hurley is affiliated with NAIOP, BOMA Boston, CREW Boston, The Back Bay Association, and Friends of Copley. She earned her B.A. in Sociology from College of the Holy Cross in Worcester, MA.

Contact: Lisa Murray, 978-750-0333

06/21/2018 Company News

Calkain Opens New York City Office with Addition of Michael Heneghan

Calkain

Calkain announced this week that it has hired Michael Heneghan as a Senior Managing Director to open and run its New York City office, the sixth location for Calkain, headquartered in Herndon, VA, with existing offices in Ft. Lauderdale, FL, Atlanta, GA, Philadelphia, PA and Boston, MA. Further, Heneghan will play a prominent role in developing NetCMG, Calkain’s newly formed Net Capital Markets Group. “Mike’s acquisition history and track record speak volumes. He’s been a leading participant in the institutional net lease industry and is well-suited to lead the charge in growing our capital markets team,” stated Jon Hipp, President and CEO of Calkain. Heneghan served as Senior Vice President - Investments at Vereit/American Realty Capital Properties, where he originated in excess of $300MM in office and industrial acquisitions, and at CapLease, where he originated approximately $800MM in office and industrial acquisitions.

Contact: Traci Bidinger, 703-935-0947

06/20/2018 Deal

Colliers Tapped to Sell The Shoppes at Foxmoor in Robbinsville

Caryl Communications

ROBBINSVILLE, N.J., June. 20, 2018 – Colliers International Group Inc. (NASDAQ:CIGI, TSX:CIG) has been hired to sell The Shoppes at Foxmoor, located at 1095 Washington Boulevard in Robbinsville, N.J. Colliers is marketing the 125,295-square-foot retail asset in conjunction with Ten-X.com, an online auction platform. The auction is slated for July 30 through August 1, 2018. The Colliers NJ Investment Sales Team led by Jacklene Chesler, which includes Patrick Norris, Matthew Brown and Angelo Vitale, based in the global commercial real estate services firm’s Parsippany, N.J., office, is handling the assignment on behalf of a special servicer client. “The Shoppes at Foxmoor offers an attractive value-add investment opportunity to purchase a well-located, neighborhood retail asset at below replacement cost,” said Chesler. “The 19-acre property is 41% occupied and offers tremendous upside, which can be achieved through investment in capital upgrades and implementing an aggressive lease-up plan.” The center’s current diverse tenant mix is comprised of mostly e-commerce resistant users, including medical (31%), restaurants (24%), lifestyle (20%), financial (13%), and health and beauty (5%). The Shoppes at Foxmoor benefits from excellent visibility along Route 33, which has a combined average daily traffic volume of over 40,000 cars. The property is within minutes of major travel routes including Route 130 and Interstates 195 and 295, as well as concentrated industrial and office campuses including the 480-acre Matrix Business Park, the 1.4-million-square-foot Horizon Center office park and the 300,000-square-foot Hamilton Business Center.

Contact: Evelyn Weiss Francisco, 201-796-7788

CenterPoint Properties Prologis