Deal Makers

CCIM Deal Makers

Walter Unger, CCIM

The Biggest Deal

Walter Unger, CCIM, with Kasten Long Commercial Group in Phoenix represented GCG Holdings LLC in its $29.43 million sale of Gold Canyon Golf Resort and Spa in Gold Canyon, Ariz., to Gold Canyon MJ LLC.

Office

Big Deal: Ryan Martin, CCIM, and Hayim Mizrachi, CCIM, with MDL Group represented Southwest Gas in its more than $11.99 million purchase of Durango Commons, a 55,544-sf office complex in Las Vegas from Gelt Maker.

Brian Ahearn, CCIM, and a colleague with Butters Realty & Management represented both parties in Laura Haimes’ $3 million sale of the Aspen Building, a 18,444-sf office space in Coconut Creek, Fla., to M & P Commercial Real Estate Holdings LLC.

A. Scott Henry, CCIM, represented BH Properties in Dallas represented in its $8.4 million purchase of a 60,000-sf office building in Richardson, Texas, from an undisclosed seller.

Steve Hyatt, CCIM, and Michael Feuerman, CCIM, with Berger Commercial Realty represented Universal Health Services in its $4 million sale of a 6.3-acre addiction and mental health treatment center in Cooper City, Fla., to Chabad Lubavitch of Southwest Broward.

Justin Lossner, CCIM; Marcus Pitts, CCIM; and Michael Minard, CCIM, with JLL in Des Moines, Iowa, represented an undisclosed party in its $5.4 million lease of 25,000 sf of office space in West Des Moines, Iowa.

Jeff Miller, CCIM, and Mark Hinkins, CCIM, with Sperry Commercial Global Affiliates represented Crosslantic LLC in its $6.75 million purchase of a $6.75 million office facility in Atlanta from NO-W-ARK LLC.

Tom Kelley, CCIM, with NAI Realvest represented Harrington Mishler LLC in its $4.4 million purchase of Lake Underhill Business Center, a 35,000-sf office park in Orlando, from Garavelo Business Center LLC.

Jill Rasmussen, CCIM, represented Xchange MOB Partners LLC in its $25.25 million lease of 26,847 sf of medical office space in St. Louis Park, Minn., to an undisclosed lessee.

Trisha Talbot, CCIM, and Kathleen Morgan, CCIM, with Newmark Knight Frank represented Osborn Physician Properties LLC in its more than $3.42 million sale of a 19,615-sf office property to Wentworth Property Company.

Land

Big Deal: Dan Drotos, CCIM, and two colleagues with Colliers International represented the buyer and seller, both undisclosed, in the $27 million sale of 2.79 acres of land in Gainesville, Fla.

Chris Bogenrief, CCIM, with NAI United in Sioux City, Iowa, represented Dakota Dunes Land Holdings LLC in the more than $5.38 million purchase of 313 acres of land from an undisclosed seller.

B. Carter Kennemur, CCIM, with Kennemur & Associates in Raleigh, N.C., represented the trustees of Wake Tech Community College in the $10.6 million purchase of 108 acres of land in Wendell, N.C., from an undisclosed seller.

Retail

Big Deal: Nick Miner, CCIM, with ORION Investment Real Estate in Scottsdale, Ariz., represented 38th Street Centre Oliver LLC in the $6.1 million sale of the Shops at 38th St., a 23,021-sf retail property in Phoenix, to Alturas Shops at 38th LLC.

Liz Clare, CCIM, with Avison Young represented North Vegas LLC in its $5 million sale of a 97,576-sf retail property in Las Vegas to Amerco Real Estate Company.

Jeff Miller, CCIM, and Mark Hinkins, CCIM, with Sperry Commercial Global Affiliates represented Crosslantic LLC in its $3.05 million purchase of a 5,287-sf retail space in Atlanta from 506 Moreland Partners LLC.

Jason Reddington, CCIM, and David Wallach, CCIM, with LevRose Commercial Real Estate in Scottsdale, Ariz., represented Triumph Real Estate Investment Fund in its $5.18 million sale of Bell West Ranch, a 20,225-sf retail location.

Industrial

Big Deal: Marcus Pitts, CCIM, with JLL represented an undisclosed seller and Justin Lossner, CCIM, with JLL represented an undisclosed buyer in the $24.5 million sale of a 700,000-sf industrial property in Des Moines, Iowa.

Brian Ahearn, CCIM, with Butters Realty & Management in Coral Springs, Fla., represented First Industrial Realty Trust in a $8.7 million lease for First Sawgrass Commerce Center, a 103,356-sf industrial space in Coconut Creek, Fla., from U.S. Cabinet Depot, represented by Matthew Rotolante, CCIM.

Larry Beddome, CCIM, with KW Commercial in Ogden, Utah, represented an undisclosed buyer in the $5.6 million purchase of a 28,204-sf industrial facility in Las Vegas from an undisclosed seller.

Chris Bogenrief, CCIM, and Gerard Keating, CCIM, with Sioux City, Iowa, represented KR Sioux City 2017 LLC in its $7.6 million sale of a 367,000-sf industrial property, which was formerly a Gateway Computer campus, to Siouxlander LLC and JMO Holdings LLC.

Industrial

Big Deal: Tom Fennell, CCIM, and three colleagues with Dickson Commercial Group represented an undisclosed buyer in the $8.5 million purchase of an 89,259-sf industrial property in Reno, Nev., from Globe Turbocharger Specialties, represented by Travis Hansen, CCIM.

Cathy Jones, CCIM, and two colleagues with Sun Commercial Real Estate represented an undisclosed seller in a $9.65 million transaction for 12 acres of industrial property in North Las Vegas, Nev.

Dan Scanlon, CCIM, with Colliers International, in Manchester, N.H., represented Zohl WPS LLC in its more than $5.18 million sale of a 70,000-sf industrial facility in Londonderry, N.H., to Holton LLC.

Multifamily

Big Deal: Jordan Rieffenberger, CCIM, and a colleague with Lloyd Companies represented 5Point Capital LLC in its $23.5 million purchase of Diamond Field Commons, a 189-unit multifamily property in Sioux Falls, S.D., from an undisclosed seller.

Dan Kemp, CCIM, with Compass Commercial Real Estate Services in Bend, Ore., represented Hunter Renaissance Development in its $13.2 million sale of a 58-unit multifamily complex in Redmond, Ore.

Devin Lee, CCIM, with Northcap Commercial represented an undisclosed seller in the $20 million sale of Cypress Springs Apartments, a 144-unit property in Las Vegas to an undisclosed buyer. He also represented an undisclosed seller in the $5.45 million sale of Pair-A-Dice Mobile Home Park, a 137-unit property in North Las Vegas, Nev.

T.C. Macker, CCIM, and two colleagues with WESTMAC Commercial Brokerage Company in Los Angeles represented both the buyer and seller in a $6 million transaction for a 14-unit multifamily property in Burbank, Calif.

Thomas McConnell, CCIM, with Redwood Realty Advisors in Elmsford, N.Y., represented both parties in a $23 million sale of a 100-unit multifamily property in Ossining, N.Y. 

Terry Moore, CCIM, represented ACI Apartments Inc. in San Diego in its $9.46 million sale of a 39-unit, 37,544-sf apartment complex in Escondido, Calif., to Ross Apartment Company VI LP.

Mixed-Use

Big Deal: Jerry Fiume, CCIM, with SVN Summit Commercial Real Estate Group represented Valley Storage Ohio LLC in its $6.15 million purchase of Sharon Commons, a 64,320-sf mixed-use property with self-storage, warehouse, and office space in Fairlawn, Ohio, from an undisclosed seller.

Dunston Powell, CCIM, with Carolina Commercial LLC, in Mount Pleasant, S.C., represented Magwood Dock LLC in the $3.9 million sale of a 0.57-acre marina to Shem Creek Investors LLC.


 

CCIM ROI

CCIM Deal Makers ROI

Dexter Warrior, CCIM; Cedric Matheny, CCIM; and Corey Ferguson, CCIM

When Microsoft began its search for a new office complex in the spring of 2019, Atlanta-based brokerage firm T. Dallas Smith & Co. had just the spot in mind. Atlantic Yards, a massive mixed-use development in Atlanta’s popular Midtown area, was an ideal location for the tech giant.

“With other markets also under consideration, it was no guarantee that the State of Georgia would secure this business opportunity with Microsoft,” said Dexter Warrior, CCIM, COO of T. Dallas Smith & Co., the largest African American-owned commercial real estate firm in the country focused exclusively on tenant and buyer representation. “Once the City of Atlanta made the short list, we completed a robust market research effort with a particular focus on locations in the heart of the city.”

Atlantic Yards was a spec development that was already under construction when T. Dallas Smith & Co. began negotiations. Eventually, Microsoft decided to lease both buildings, for a total of 523,000 sf, that will bring 1,500 new jobs to the city. For the brokers, however, that meant they had to deconstruct a multi-tenant development into a single use development.

Despite the massive disruption to commercial real estate — in addition to day-to-day life — the client viewed this deal as one that wouldn’t be too vulnerable to the immediate impacts of COVID-19. Under development when the pandemic hit the U.S., Atlantic Yards wasn’t greatly affected by the economic and public health crises.

“This transaction was a priority for our client’s long-term plans to expand its presence on the east coast,” Cedric Matheny, CCIM, says. “We were seeing other deals around the country meet huge challenges. However, we were fortunate that Microsoft did not alter its plans.”

With three CCIM designees involved in the deal — Corey Ferguson, CCIM, joined Matheny and Warrior — Matheny recognized the importance of checking and double-checking every detail.

“We were fortunate to have three team members on this transaction that are CCIM designees including our Dexter Warrior, Corey Ferguson and myself,” Matheny says. “We all speak the same language in terms of analysis and understanding the various complexities of a transaction of this size and scope. It’s always good to have another set of qualified eyes so that we can cover all the angles.”

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