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Have a wonderful, long weekend filled with good things!
Crossman & Company continues to strengthen their leasing services by announcing that Daniel Butts has joined the firm as Director of Leasing.
Butts comes to Crossman & Company from Foundry Commercial where he was senior vice president of brokerage services. There he specialized in agency leasing as well as land acquisition, disposition and consulting services for property owners, investors, developers, and users.
“Daniel is an outstanding addition to the Crossman & Company team. He brings a fresh perspective and will help drive new business development while focusing on delivering our clients exceptional results. Crossman & Company continues to attract outstanding talent to provide the results our clients have come to expect. We are thrilled to have Daniel join the team,” stated John Zielinski, President.
Serving Florida, Georgia, Alabama, Tennessee, South Carolina, and North Carolina, with offices in Orlando, Tampa, Miami, Boca Raton, Florida, Charlotte, N.C. and Atlanta Ga., Crossman & Company has experience in retail and office leasing, property management and investment sales of shopping centers, single-tenant, triple-net assets, as well as mixed-use and lifestyle properties.
Prior to Foundry Commercial, Butts spent more than a decade in leadership managing a diverse portfolio of real estate properties, personally overseeing over $50M in leasing and sales transactions. He also has extensive experience building strategic alliances throughout the broker‐dealer community via capital markets, successfully raising record capital and executing on investments across multiple market segments.
“I am excited to join Crossman & Company and contribute to the continued success of this world-class organization. Crossman has established itself as the leader in retail agency leasing and management, and I look forward to working with so many outstanding professionals in delivering the best results for our clients, investors and associates,” noted Butts.
Crossman & Company represents nearly 400 shopping centers in the Southeast with over 28 million square feet under leasing and/or management.
Stiles Retail Group (SRG), a division of full service commercial real estate firm Stiles, has been named exclusive listing agent for Seminole Towne Center, a 1.1 million square foot mall located in Sanford.
Senior Vice President Dan Coyle and Senior Associate Stephanie D’Amico will oversee leasing of 261,075 SF of inline space.
Seminole Towne Center is anchored by Dillard’s, JC Penney, Dick’s Sporting Goods, and Burlington Coat Factory. Ideally located at the junction of Interstate 4 and State Road 417, Seminole Towne Center boasts an average daily traffic count of 92,000 vehicles along I-4. Additionally, ownership is discussing creative redevelopment opportunities surrounding the mall including multifamily.
“Despite the market chatter about the decline of regional malls, the truth is many malls are being redeveloped, refurbished or reinvented,” Coyle said. “Seminole Towne Center plays a vital role in our local community and is evolving to better fit the needs of its customers. Our goal is to introduce unique shopping concepts, great food, daily needs, ample entertainment options, and one-of-a-kind experiences for the area.”
“Many in the community have fond memories of the mall, and we want to help create even more of those moments,” D’Amico added. “From introducing local eateries or retailers to hosting unique events onsite, we are excited to help shape the future of Seminole Towne Center.”
McCraney Property Company has completes the largest industrial portfolio sale in the Southeast in 2020.
Spanning 3.5 million square feet, the $272 million portfolio sale consists of six (6) fully stabilized Class A industrial speculative assets. The sale is a precedent game-changer for the logistics and distribution industry as the uptick in e-commerce activity upraised its value over the third and fourth quarters of 2020.
Nuveen Global Investments LLC, a TIAA Company, purchased the assets from McCraney Property Company and Northwestern Mutual.
The sellers were represented by CBRE’s Capital Markets executives Chris Riley, Frank Fallon, and Trey Embrey. The assets included:
The portfolio quickly garnered interest that was reflective of the explosive state of the industrial market.
Throughout the Southeast, which is forecasted to grow by 10 percent over the next decade, attention is increasingly focused on industrial product as driving a fair share of that growth. For example, in Central Florida, Polk County’s location has established it as a hub for large footprint distribution centers. Led by e-commerce, the market has elapsed absorption gains seen over the previous year and demand is outpacing supply after an off-balanced 2019. In Atlanta, industrial activity sees large boost year-over-year, with leasing rates and net absorption on the rise and vacancy rates decreasing. And, in Charlotte, NC, logistics and e-commerce growth push industrial warehouse demand beyond pre-COVID highs, as five years of e-commerce growth was attained in five months due to the prompt surge in warehouse demand to serve retail logistics.
“We brought the portfolio to market at a time when industrial properties are receiving much attention, fueled by the e-commerce uptick due to the pandemic,” said Steven McCraney, President and CEO of McCraney Property Company. “With only escalation in value on the forefront and little risk to any buyer, the pent-up industrial real estate industry was ready for a huge opportunity with this portfolio.”
Shortly after relisting, the portfolio went under contract with Nuveen Global Investments LLC and quickly finalized with a brisk and smooth closing.
TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, has acquired Orlando International Business Center in Orlando for $24,000,000.
Orlando International Business Center is comprised of six single-story office/flex buildings totaling 196,000 square feet. The property is well-located, with access to State Roads 528 and 417 and is located less than five miles from Orlando International Airport. The property is also only one mile from Lee Vista Promenade, a mixed-use development with over 700,000 square feet of retail.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “Expanding our single-story flex/industrial office park holdings near Orlando International Airport during its multi-billion-dollar expansion is consistent with past successful outcomes for TerraCap. Orlando continues to be a top growth market on many metrics, which is also consistent with our overall thesis and strategy.”
Orlando International Business Center is currently 88% occupied, with a diversified rent roll, providing strong in-place cash flows.
“Due to lack of available land and increasingly dense development projects in the market, single-story office/flex in close proximity to Orlando International Airport is a growth constrained product type that we are excited to add to our portfolio. We know this product, market, and associated tenants,” said Albert Livingston, Partner and National Director of Asset Management for TerraCap.
The seller was represented by Ron Rogg of CBRE-Orlando. Prime Finance provided debt financing for TerraCap, with assistance from the CBRE-Orlando debt team. Foundry Commercial LLC was hired for the leasing assignment, and Harvard Pacific was hired as property manager.
Franklin Street has expanded its presence in the Central and Northeast Florida industrial market with the addition of Matthew Weinberger as Director of Industrial Advisory & Transaction Services. He brings a strong background representing owners, investors and occupiers in the disposition, acquisition, development and leasing of flex and industrial assets throughout the Southeast U.S.
Weinberger comes most recently from Millenia Partners, a full-service commercial real estate firm based in Orlando, where he served as Vice President. Prior to that, he worked for Lincoln Property Company where he focused on office and industrial leases and sales.
In addition to representing clients in transactions, he has significant experience in site selection for new warehouse and distribution center locations, consulting on owned real estate assets and portfolios, and assisting industrial real estate users and investors with development and investment strategies.
“As Franklin Street continues to grow its business in Central and Northeast Florida, the booming industrial sector is a key focus,” said Yvonne Baker, Regional Managing Partner for Franklin Street in Orlando and Jacksonville. “Matthew brings deep market knowledge and valuable relationships that are vital as we represent clients in a historically strong and in-demand industrial market.”
Weinberger said, “It’s a great time to be involved in the Florida industrial real estate market, especially with a growing team like Franklin Street’s where the opportunities are infinite.”
Weinberger earned a B.A. in Business Management and Entrepreneurship from the University of Central Florida. He is a member of NAIOP Central Florida, the UCF Alumni Association and the Winter Park Chamber of Commerce.
Crossman & Company continues to strengthen management services by announcing that Joe Ravenelle, CPM. LEED AP has joined the firm as Director of Property Management.
Ravenelle comes to Crossman & Company from Avison Young where he was a senior property manager. There he oversaw capital spending and managed over 2.6 Million sq. ft. of commercial real estate in the Greater New York area. Some of Ravenelle’s clients include the largest institutional real estate owners in the country.
"We are excited to welcome Joe to our team. His experience and skill level emphasize our commitment to having the most talented industry professionals to maintain our standards of excellence, enhance client support and drive growth,” said John Zielinski, CCIM, President and COO of Crossman & Company.
Serving Florida, Georgia, Alabama, Tennessee, South Carolina, and North Carolina, with offices in Orlando, Tampa, Miami, Boca Raton, Fla., Charlotte, N.C. and Atlanta Ga., Crossman & Company has experience in retail and office leasing, property management and investment sales of shopping centers, single-tenant, triple-net assets, as well as mixed-use and lifestyle properties.
Prior to Avison Young, Ravenelle directed operations and management of a 2.2 million-square-foot commercial real estate portfolio with four property managers. He also spearheaded strategic analysis, budget management, and overall execution of highly effective improvement and capital projects.
“I am excited and proud to join the Crossman team. I look forward to using my experience in the real estate industry to augment Crossman & Company’s continued success and growth throughout the Southeast,” noted Ravenelle.
To all landlords with interest in Florida real estate, a small but very welcome change in real estate conveyances becomes law on July 1, 2020. After June 30, 2020, it is no longer required to have witnesses join in a real property lease – whether commercial or residential – for it to be valid.
The new law took effect this summer that eliminates a previous requirement that commercial and residential leases be signed by an “in-person” witness. As more and more transactions occur digitally — pandemic or no — the requirement that someone sign a document personally has become increasingly antiquated, explains Paul P. Partyka, 2020 President of the Central Florida Commercial Association of Realtors.
“In the post COVID-19 world, this will streamline the process. Regardless of the pandemic, this just makes good business sense, period,” shares Partyka, CCIM, MICP, President of The Partyka Group, Inc. at NAI Realvest in Orlando.
Florida House Bill 469 (HB 469), filed on Oct. 28, 2019, and co-sponsored by Reps. Juan Alfonso Fernandez-Barquin and Wyman Duggan, received unanimous support in both the House and the Senate, with a 117-0 vote in the House and 40-0 vote in the Senate.
Florida Gov. Ron DeSantis signed HB 469 on June 27, 2020. A change welcomed by Florida landlords; it removes the requirement under Section 689.01 of the Florida Statutes that a landlord must have two witnesses when signing a lease for a term of more than one year. HB 469 provides that no subscribing witnesses are required for a lease of real property, eliminating the requirement that two subscribing witnesses be present when the lessor signs a lease with a term of more than one year.
Until House Bill 469 took effect on July 1, Florida was one of just seven states that continued to require such in-person witnesses to leases.
It has long been a question of landlords to their lawyers over the years if witnesses are really necessary when a lease is executed. Because Florida now allows electronic signatures on leases, the burden of having a lease witnessed had become even a larger problem, adding many hours of delay in securing a lease commencement date to make sure the required number of witnesses are available at the same time as both the landlord and tenant to execute the lease. The new law will save landlords a considerable amount of time because now a lease needs just two parties signing it instead of up to six (the landlord, tenant and two witnesses for each side).
The statewide chapter of NAIOP, formerly the National Association of Industrial and Office Parks; Florida Realtors, Central Florida Commercial Association of Realtors, the Florida Apartment Association and the Florida Bar’s Real Property, Probate and Trust Law section all endorsed the change, which was first introduced into the Florida Legislature in 2019.
Electronic signatures, or “e-signatures,” have been allowed on purchase contracts for commercial and residential property sales for many years, Partyka adds.
Seefried Industrial Properties and Clarion Partners LLC have delivered a 1.1 million-square-foot industrial facility in Deltona.
The building features 34,275 square feet of office space, 1,034 auto parking spaces and 350 trailer parking spaces. The property is situated on North Normandy Boulevard along Interstate 4, about 30 miles north of downtown Orlando.
The tenant, an undisclosed e-commerce company, expects to house 500 employees at the facility.
The joint venture began construction nine months ago with the design team, which includes general contractor The Conlan Co., architect Ford & Associates and civil engineer Kimley-Horn.
Source: RE Business
Cushman & Wakefield has arranged the sale of Airport Commerce Center, a seven-building small bay industrial park located in Orlando’s Airport Lake Nona submarket. The final sale price was $43 million.
Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield represented the seller, TA Realty, in the transaction.
Affiliates of Richland Capital Holdings, a Tampa, FL based diversified real estate investment company, acquired the property.
“We are excited about the purchase of Airport Commerce Center as it represents a stabilized, institutional-quality industrial asset located virtually adjacent to the Orlando International Airport in a supply-constrained and vibrant submarket of Orlando,” said Matt Bray, CEO of Richland.
Airport Commerce Center marks Richland Capital Holdings’ third industrial acquisition in Central Florida over the past nine months, bringing their total industrial holdings in the region to just under 500,000 square feet. Richland expects to continue their expansion of industrial holdings in Central Florida in the coming months.
“Despite the near-term headwinds related to the pandemic, we believe that Central Florida has great long-term growth prospects across a variety of real estate asset classes,” Bray said.
“Airport Commerce Center offered a fantastic opportunity for Richland to invest in a property with a premier infill location, prime accessibility to major roadways, and a diverse tenant base with upside potential,” Davis added.
“Additionally, the property has a strong historical performance with an average occupancy of 92% over the last 10 years, which is largely attributable to the lack of directly competitive small-bay industrial product,” Colon said.
Located on 25 acres at the Northeast Corner of South Orange Avenue and the Beachline Expressway, the 319,386-square-foot property offers connectivity to Orlando via several major thoroughfares. The property is fully leased to a strong tenant roster which includes Panera Bread, Tesla, Economy Rent a Car and Chrysler. Airport Commerce Center includes 866 parking spaces for a ratio of 2.7/1,000 sf, dock-high loading, and flexible zoning.
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