Deal Makers

CCIM Deal Makers

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The Biggest Deal

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

Office

Big Deal: Marc Magliarditi, CCIM, with Logic Commercial Real Estate represented both undisclosed parties in the $13.1 million sale of a 68,353-sf two-story office building in Las Vegas.

Howard Friedman, CCIM, with Compass Commercial Real Estate Services represented an undisclosed seller in the $4.3 million sale of a 19,352-sf office plaza in Bend, Ore., to Deschutes Opportunity Commercial Redevelopment LLC.

Gregg Kafka, CCIM, R. Craig Coppola, CCIM, and Andrew Cheney, CCIM, with Lee and Associates in Phoenix represented Qadash Realty LLC in its $4.71 million renewal lease of 13,922 sf of office space in a property in Scottsdale, Ariz., from McDowell Mountain Medical Investors, LTD. Kafka, Coppola, and Cheney also represented MedAire in its $4.22 million lease of 17,088 sf of office space Phoenix from AR Camelback LLC.

Kathleen Morgan, CCIM, Trisha Talbot, CCIM, and Tim Westfall, CCIM, with Newmark Knight Frank in Phoenix represented Signal Healthcare LLC in its $4.95 million sale of McClintock Medical and Dental Center, a 22,845-sf office space in Tempe, Ariz., to EVF Tempe LLC.

Land

Big Deal: Howard Meier, CCIM, with Spire Commercial Realty represented both parties in Lindvest (Beachwood) Developments Ltd.’s more than $6.57 million sale of five properties in Toronto to 2111305 Ontario Ltd. 

Retail

Big Deal: Thomas Morgan, CCIM, with Andrus & Morgan Co. in Carbondale, Colo., represented a private lessee in the $24.2 million lease of six properties in Florida, Texas, and Indiana, from an undisclosed lessor.

Cathy Jones, CCIM, and two partners with Sun Commercial Real Estate represented an undisclosed buyer in the more than $3.09 million purchase of a 3,000-sf retail property in Las Vegas from an undisclosed seller.

William Sherrod, CCIM, and Jack Owens, CCIM, with NAI Charleston represented All Time High LLC in its $3.6 million sale of a 4,638-sf retail space in Charleston, S.C., to JP Morgan Chase.

Ron Struthers, CCIM, and Faraz Cheema, CCIM, with CBC NRT represented Coastal Land LLC in the $3.7 million purchase of the Boulder Center, a 31,400-sf retail property in Richmond, Va., from WPD & SDF LLC.

Industrial

Big Deal: Russell Noll, CCIM, with Transwestern in Boerne, Texas, represented Winre, LLC in its more than $14 million sale of a 412,431-sf industrial property in Comfort, Texas, to an undisclosed buyer.

Brian Ahearn, CCIM, and a partner with Butters Realty & Management in Coconut Creek, Fla., represented the Bristol Group in its more than $4.77 million, 88-month lease of the Hillsboro Technology Center, a 53,134-sf industrial property in Deerfield Beach, Fla., to Keratin Complex. The two also represented both parties in Andy Wright’s $4.1 million sale of a 46,854-sf industrial building in Fort Lauderdale, Fla., to Carrio Motors.

R. Craig Coppola, CCIM, Gregg Kafka, CCIM, and Andrew Cheney, CCIM, with Lee and Associates in Phoenix represented Habanero 1510 Hobson LLC in its $4.78 million sale of a 30,354-sf industrial property in Gilbert, Ariz., to an undisclosed buyer.

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

Cindy McDonnell, CCIM, with Feinberg Real Estate Advisors represented both sides in Pony Partner LP’s more than $3.82 million sale of a 40,964-sf multi-tenant industrial property in Lehigh County, Pa., to 7035 LLC.

Michael Minard, CCIM, Marcus Pitts, CCIM, and Justin Lossner, CCIM, with JLL in Des Moines, Iowa, represented an undisclosed buyer in the $5.7 million sale of a 180,000-sf industrial property in Cedar Rapids, Iowa.

Lester Osborn, CCIM, Scott Hensley, CCIM, and another colleague with Piedmont Properties/CORFAC International represented SGH/DJS Trucker Guys LLC in its $5.95 million sale of an 18,200-sf, 8.37-acre industrial property in Charlotte, N.C., to the Roger D. Miles Trust.

Marcus Pitts, CCIM, with JLL represented an undisclosed seller in the $10.8 million sale of a 200,000-sf industrial property in Des Moines, Iowa, to an undisclosed buyer represented by Justin Lossner, CCIM. The two also worked together with Lossner representing an undisclosed lessee in a $4.25 million lease of a 270,000-sf industrial property in Des Moines from an undisclosed lessor represented by Pitts.

John V. Propp, CCIM, with John Propp Commercial Group in Greenwood Village, Colo., represented Parkglenn Way LLC in its more than $5.77 million acquisition of a 30,460-sf industrial property in Parker, Colo., from Dransfeld Business Park LLC.

Multifamily

Big Deal: Jordan Rieffenberger, CCIM, and a colleague with Lloyd Companies represented 9Point Capital LLC in the $20.1 million purchase of Prairies Edge Townhomes, a 172-unit multifamily property in Sioux Falls, S.D., from an undisclosed seller.

Beau Beery, CCIM, with Coldwell Banker Commercial MM Parrish in Gainesville, Fla., represented both undisclosed parties in the more than $10 million sale of Castle Apartments, a collection of multifamily properties including 30 fourplexes in four locations in Tallahassee, Fla.

Michael Chang, CCIM, with SVN-Rich Investment Real Estate Partners in Sherman Oaks, Calif., represented an undisclosed seller in the $5.75 million sale of a 15-unit building in Santa Monica, Calif., to BK–Anaheim Investments LLC.

Bob Fredrickson, CCIM, and a colleague with Coldwell Banker Danforth in Federal Way, Wash., represented an undisclosed seller in the $5.4 million sale of a 23-unit multifamily property in Seattle to an undisclosed buyer.

Dan Kemp, CCIM, and Pat Kesgard, CCIM, with Compass Commercial Real Estate Services in Bend, Ore., represented Hunter Renaissance Development in its $13.2 million sale of the 27 Elm, a 58-unit, 2.76-acre multifamily property in Redmond, Ore., to an undisclosed seller.

T. Sean Lance, CCIM, of Vertica Partners represented both parties in CCP Fund VI LLC’s $11 million sale of 100 units in Meridian Luxury Condominiums, a multifamily development in Tampa, Fla., to ESG Kullen.

Devin Lee, CCIM, and three colleagues with Northcap Commercial represented an undisclosed seller in the $20 million sale of Cypress Springs Apartments, a 144-unit multifamily property in Las Vegas, to an undisclosed buyer. He also represented NWI Vida LLC in the $15 million sale of a 72-unit multifamily property, Gleneagles Village Leasing LLLP in its $13.4 million sale of a 51-unit multifamily property, and an undisclosed buyer in the more than $7.3 million purchase of a 51-unit property.

Dan Scanlon, CCIM, with Collier International represented DLC Manchester LLC in it’s $10.4 million sale of 99 condominiums in a 160-unit building in Manchester, N.H., to Larkspur LLC.

 

CCIM ROI

DM ROI Winter 2021

Russell T. Noll, CCIM, and Cynthia Lee, CCIM

Keller Williams City View, a franchise of Keller Williams Realty International, has signed a full-building lease for the Park at Vance Jackson, which includes two 30,000-square-foot buildings in northwest San Antonio. Transwestern executive managing director Russell T. Noll, CCIM, and a colleague represented the Park on Vance Jackson LLC, while Cynthia Lee, CCIM, represented the tenant, KW Commercial City View.

Despite the COVID pandemic, the two CCIMs were able to reach an agreement thanks to long-term goals for both parties.

“While there certainly were discussions about the immediate COVID issues, the focus still remained on the next 10 years,” Lee says.

The tenant, meanwhile, hopes to benefit in the near future because of amenities offered by the new property.

“There was an urgency for Keller Williams to move to a new facility that was more in line with their strategic goals of growth and helping agents succeed,” Noll, CCIM, says. “So, to navigate the timing of the transaction, the landlord needed to be creative. The creative deal structure recommended to my client was necessary because of what the tenant would mean to the project long term.

COVID-19 has impacted every area of CRE, including some general trends in the office sector. Potential tenants may look for locations in less dense areas. The increased accessibility offered from office properties with multiple entrances is another asset in a post-COVID world.

“One of the positive attributes of the building that was unintentional, but now critical with COVID, is that it’s single story,” Noll says. “This access allows KW agents to pull up to the building and walk directly inside versus navigating a lobby and elevators which can create more exposure.”

The pandemic presented certain obstacles in closing the deal, with the tenant needing to completely redo space planning. Lee cited Keller Williams incorporating more open spaces, more individual office, new video meeting rooms, and an enlarged training room to encourage social distancing. 

“Russell and I already had an established trust as former colleagues,” Lee says. “In fact, he was one of my sponsors for my CCIM designation and continues to mentor me today. We knew that no matter how tough negotiations might get with [this] deal, we would find the solution that satisfied both parties.”

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