Deal Makers

CCIM Deal Makers

ChaoDeal

The Biggest Deal

Eddy Chao, CCIM, and a colleague with Asia Pacific Capital Company represented 9620 Airport Blvd LLC in its $91.5 million purchase of a 502-room hotel property in Los Angeles from Sunstone Hotel Investors Inc., an Irvine, Calif-based REIT. 

Financing

Big Deal: Andy Crawford, CCIM, with CommCap Advisors arranged for $8.35 million in financing for Warm Springs Owner LLC in its $13 million purchase of 68,311 sf of office space in Las Vegas from an undisclosed seller, with Marc Magliarditi, CCIM, with Logic Commercial Real Estate brokering the deal.

Hospitality

Big Deal: Brian Resendez, CCIM, and a colleague with SVN | Bluestone & Hockley represented Coastal Hospitality LLC in its $3.9 million purchase of the OYO Ocean Breeze Hotel, a 43-room hospitality property in Lincoln City, Ore., to CV The Haven at D River LLC for conversion into housing.

Robin Civish, CCIM, with ROI Commercial Real Estate represented SC Entertainment #2 LLC in the $3.5 million sale of a 12,240-sf hospitality property in Las Vegas to Last Coast LLC.

Retail

Big Deal: John Propp, CCIM, with John Propp Commercial Group in Greenwood, Colo., represented Winterset Holdings LLC in its more than $12.73 million purchase of two properties in Johnstown, Colo., with 32,744 sf of retail space.

Michael Campbell, CCIM, with NNN Investment Co. in San Diego represented an undisclosed buyer in the $3.2 million purchase of a two-tenant retail building with 4,456 sf of space in Chula Vista, Calif., from an undisclosed seller represented by Chris Rink, CCIM, with American Value Realty in Austin, Texas.

Charlie Ellis, CCIM, with Collett in Charlotte, N.C., represented S2 Forest Gate Associates LLC in its $6.25 million sale of the Forest Gate Shopping Center, a 62,735-sf retail property in Pisgah Forest, N.C., to Ingles Markets.

Stephen Jacquemin, CCIM, with Sperry Commercial Global Affiliates in St. Louis represented an undisclosed buyer in the more than $3.25 million purchase of a 18,200-sf Dollar General in Columbia, Mo., from an undisclosed seller represented by Tony Gagliano, CCIM. 

Patrick Luther, CCIM, and two colleagues with SRS Real Estate Partners in Newport Beach, Calif., represented an undisclosed buyer in its $7.35 million purchase of The Shops at Gregorie Ferry Landing, a 11,125-sf retail property in Mount Pleasant, S.C., from an undisclosed seller. Luther and a colleague also represented a seller in the $3.3 sale of a 12,000-sf retail space in Flagstaff, Ariz., to an undisclosed buyer.

Industrial

Big Deal: Robert Sawyer, CCIM, SIOR, and John Jinks, CCIM, with Formation Real Estate represented a private trust in the $58.9 million acquisition of three industrial properties totaling 530,399 sf through a 1031 exchange with an undisclosed seller represented by Bowie Holland, CCIM, of Empire Texas Equities.

Brian Ahearn, CCIM, with Butters Realty & Management in Coconut Creek, Fla., represented Nine Realty Group LLC in its $3.25 million purchase of a 28,832-sf industrial property in Pompano Beach, Fla., from DSWC Group Inc.

Daniel Berger, CCIM, Daniel Berger Jr., CCIM, and two colleagues with U.S. Commercial Realty in Lancaster, Pa., represented an undisclosed buyer in the $6.05 million purchase of a 127,138-sf industrial property in Fowler, Calif., from an undisclosed seller.

Sue Earnest, CCIM, with Avison Young represented Everwest Real Estate Investors in its $11.2 million purchase of a 109,134-sf industrial property in Nashville, Tenn., from KDN Investments LLC.

Rick Egitto, CCIM, with Avison Young in Denver represented Ranger Energy Services in its $13 million sale of a 131,389-sf, 23.32-acre industrial property in Milliken, Calif., to The Ninigret Group LLC.

Chad Griffiths, CCIM, and two colleagues with NAI Commercial Real Estate represented both the undisclosed buyer and seller in the $8.1 million sale of a 54,000-sf industrial property in Edmonton, Alberta. Griffiths and two colleagues also represented an undisclosed seller in the more than $7.57 million sale of three buildings with 44,318 sf of industrial space on 3.26 acres of land in Edmonton.

Marcus Pitts, CCIM, Justin Lossner, CCIM, and Michael Minard, CCIM, with JLL in Des Moines, Iowa, represented an undisclosed lessor in a more than $3.51 million lease of a 176,000-sf industrial property in Cedar Rapids, Iowa, to an undisclosed lessee. Pitts and Lossner represented another undisclosed lessor in the $6.54 million leasing of a 300,000-sf industrial property in Ames, Iowa, to an undisclosed lessee. The two also represented an undisclosed buyer in the $4.5 million purchase of a 75-acre industrial property in Altoona, Iowa.

Joe Rossi, CCIM, and a colleague with Colliers International in Orlando represented Flanders Inc. in its $50 million, 20-year lease of 715,751 sf of industrial spaces across multiple states to an undisclosed lessee.

Eric Rutherford, CCIM, with WK Real Estate represented Tepuy Properties in its $11 million purchase of building with 68,412 sf of industrial space in Broomfield, Colo, from an undisclosed seller. 

Land

Big Deal: T. Sean Lance, CCIM, with Vertica Partners represented both parties in Tampa Park Apartments Inc.’s $28.5 million sale of 12.75 acres of land in Tampa, Fla., to Kettler-Shaw for future mixed-use redevelopment.

Ray Rickard, CCIM, and a colleague with Remax 4000 Inc. represented Halandras Investments in its more than $10.32 million sale of 176 acres of land in Grand Junction, Colo., to Foothills Housing 2 LLC.

Justin Thibaut, CCIM, with LSI Companies in Fort Myers, Fla., represented an undisclosed seller in the more than $4.08 million sale of 7.31 acres of land in Cape Coral, Fla., to an undisclosed buyer represented by Enn Luthringer, CCIM.

Mixed-Use

Big Deal: Thomas McConnell, CCIM, and a colleague with Redwood Realty Advisors in Hasbrouck Heights, N.J., represented both buyer and seller in the $3.2 million sale of a mixed-use portfolio in Newark, N.J., consisting of three buildings.

Multifamily

Big Deal: Mike Bobick, CCIM, with Granite City Real Estate in St. Cloud, Minn., represented GCRE Investment Fund I LLC in its $15.13 million purchase of two multifamily properties in Monticello and Elk River, Minn., with a total of 87 units from an undisclosed seller.

Cathy Jones, CCIM, and three colleagues with Sun Commercial in Las Vegas represented an undisclosed seller in the more than $7.17 million sale of a 126-unti multifamily property in Mesquite, Nev., to an undisclosed buyer. Jones and three colleagues also represented another undisclosed seller in its $3.6 million sale of a 40-unit multifamily property in Las Vegas to an undisclosed buyer.

Office

Big Deal: Dan Adamski, CCIM, with JLL in Pittsburgh represented Allegheny Health Network in its more than $11.66 million lease of 21,397 sf of office space in Coraopolis, Pa., from Shallendberger Realty LLC. He also represented Goehring Rutter Boehm in its more than $5.69 million lease of 17,160 sf of office space in Pittsburgh from FAC 525 LLC.

Michael Minard, CCIM, and Justin Lossner, CCIM, represented an undisclosed lessor in the $5.3 million leasing of a 18,407-sf office property to an undisclosed lessee.

 

CCIM ROI

ROIDeal

Michael Yurocko, CCIM, and Matthew Rotolante, CCIM

The industrial real estate sector has persevered throughout the pandemic, with supply chains and e-commerce keeping millions of people stocked with groceries, home supplies, and other necessities amid the instability. Two CCIMs in the Sunshine State completed a deal in 2020 that correlated to changes in consumer behavior related to COVID-19.

Michael Yurocko, CCIM, vice president and broker for SLC Commercial in Stuart, Fla., represented Packers of Indian River in its $5.5 million sale of a 100,000-sf industrial facility in Fort Pierce, Fla., to Contender Boats, represented by Matthew Rotolante, CCIM, SIOR, president of Lee & Associates in South Florida.

“Boaters recognized early in the pandemic that they could still entertain on the water and remain safer in an outdoor setting,” Rotolante says. “This higher demand led to an increased waiting list of boat orders for Contender, which finally lured them into making the investment.”

Yurocko, who represented Packers of Indian River, noted the appeal of the property in an already competitive market on Florida’s Treasure Coast.

“For buyers needing exposure, the property has 1,200 feet of direct Florida Turnpike frontage,” he says. “Also, the 100,000-sf facility is on 19.45 acres, so the low coverage ratio means there is additional land for potential expansion if needed by the buyer.”

Retrofitting a citrus packing plant to become a facility where Contender Boats could produce models up to 32 feet in length presented its own set of challenges. The buyer worked with an overhead crane manufacturer to design a system for lifting boats from a grade-level prep to a dock-high production line. Contractor estimates and layout design were a bit onerous for Contender, but overcome through creative design and a little legwork.

With CCIMs on both sides of the deal, Rotolante and Yurocko remained confident that two reasonable parties could tie up all the loose ends.

“CCIM stands for more than just an education — it comprises a network of high-quality, ethical professionals whose know-how helps facilitate deals at the highest level,” Rotolante says. “Working with Mike was a great representation of this.”

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