Commercial Property Executive
Jan 16 2018
Skanska is one of the leading development and construction companies in Scandinavia, with operations in building construction and civil engineering in Sweden, Norway and Finland. The firm, which specializes in residential and commercial property projects in select home markets, has signed a contract with Blekinge County Council to construct a new building at Blekinge Hospital in Karlskrona, Sweden.
The contract is worth $41 million, and it will be included in the Nordic order bookings for the first quarter of 2018. Skanska’s project comprises the construction of a seven-story, high-rise building of more than 129,000 square feet, primarily intended for medical and laboratory activities. The commercial development stream is also active in Denmark.
With more than 15,000 employees in its Nordic operations during 2016, the company also offers services in public-private partnerships. Construction work will begin in February 2018. The project is expected to be completed in February 2020.
In a recent deal, Skanska sold a nursing home under construction in Gothenburg, Sweden for $29 million to Northern Horizon.
Jan 16 2018
Calling all real estate education programs! Don’t miss out on the chance to participate in our 2018 Leaders in Real Estate Education Survey! The information you provide will be incorporated into a comprehensive list of institutions that have demonstrated a commitment to developing tomorrow’s leaders in the real estate industry. The results will be published in our April 2018 issues of Commercial Property Executive and Multi-Housing News as a resource for the commercial and multifamily real estate industry, and widely disseminated via our websites, newsletters and social media.
The deadline for submission is Thursday, January 25. Get started before it’s too late!
If you have any questions, please contact Samantha Goldberg at firstname.lastname@example.org.
Jan 16 2018
Divaris Real Estate has signed new tenants, renewed leases and negotiated a sale, in the Charlotte-Raleigh metropolitan areas. The recently-closed transactions total 43,628 square feet in North and South Carolina.
DRE’s Charlotte office brokered the $850,000 sale of a former furniture store located at 7515 Two Notch Road, in Columbia, S.C. The asset boasts good access to major thoroughfares, with frontage on Route 1, while interstates 77 and 20 are within minutes of the property. Multiple restaurants, retailers and apartment communities are situated in the vicinity. Diana Teitsma, senior vice president at DRE, represented the seller, Haverty’s Furniture Co. TSN Realty LLC acquired the property.
Principal Charles Neil and Sales Associate Hutch Farris represented the tenant at 7621 Little Ave. in Charlotte. Leaderboard Branding signed a lease for 2,796 square feet at Quail Plaza, which is situated in the southern part of Charlotte, near Route 51 and Interstate 485.
The Divaris-leased and -managed Providence Plaza, at 2935 Providence Road in Charlotte, landed a new tenant. Hair Fairies signed a lease for 620 square feet in the building, where the list of tenants includes Chipotle, Aqua Tots, The Little Gym and Flywheel Sports. Neil also arranged this transaction, representing the landlord.
Lease renewals were also on DRE’s agenda. Three existing clients signed new contracts at the following locations:
- Mario’s Pizza of Wendover renewed its contract for 2,698 square feet of retail space at 4217-A W. Wendover Ave., in Greensboro, N.C. Neil represented the landlord in the negotiations at the Divaris-leased and -managed property. Other tenants include Bed Bath & Beyond, Golf Galaxy, Five Below, Moe’s Southwest Grill and Cricket Wireless.
- GameStop renewed a lease for 2,100 square feet at South Square, located at 4001 Durham-Chapel Hill Blvd. in Durham, N.C. Neil and Teitsma negotiated the transaction on behalf of the landlord. South Square is managed and leased by DRE and occupied by Target, Ross Dress for Less, Office Depot and Wells Fargo, among others.
- Manpower Group US re-signed a lease for the 1,253-square-foot space at 131 Vinegar Hill Road in Winston-Salem, N.C. at the Divaris-leased and -managed Harper Hill Commons. The landlord was represented by Neil and Farris. Other tenants include Harris Teeter, 9 Round, Score More Sports and Mac N Nelli’s.
Image courtesy of Divaris Real Estate Inc.
Jan 16 2018
Wheeler Real Estate Investment Trust has entered a purchase and sale agreement for JANAF Shopping Yard in Norfolk, Va. Through its wholly-owned subsidiary, WHLR-JANAF LLC, the company will acquire the retail center for an expected price of $85.6 million from four different entities.
Located at 5900 E. Virginia Beach Blvd., JANAF Shopping Yard features 887,917 rentable square feet. The asset is anchored by many national retailers, such as BJ’s Wholesale Club and Fuel Center (151,345 square feet), Big Lots (42,500 square feet), T.J. Maxx (37,383 square feet) and service providers, including the U.S. Postal Service and SunTrust Bank. The property features a 37,234-square-foot office in a different building. At the time of the transaction, JANAF Shopping Yard was 94 percent occupied.
JANAF Shopping Yard is on the northeast corner of highways 13 and 58. According to the property manager’s website, the two roads have a combined daily traffic count of 85,000 cars. There are two other major thoroughfares nearby, interstates 64 and 264, with a diamond interchange approximately two miles from the property.
The REIT’s newly-acquired retail center underwent several renovations since its original construction in 1959. The company has its corporate office in Virginia Beach, Va., approximately nine miles from the asset. “JANAF is an iconic property located right here in our back yard in Virginia. The asset is centric to our business strategy of owning the dominant center in secondary and tertiary markets. We expect JANAF to be a long-term play for WHLR as we believe there is tremendous value in the underlying real estate,” said Jon Wheeler, chairman & CEO of Wheeler REIT, in a prepared statement.
For the acquisition, the company assumed securitized mortgage loans of approximately $58.4 million. The primary loan Wheeler REIT closed on has a $53.3 million balance, with a fixed interest rate of 4.49 percent, pre-payable 90 days prior to its July 2023 maturity. Wheeler also assumed a second loan of $5.1 million, with an interest rate of 4.95 percent, pre-payable six months prior to the January 2026 maturity term.
Image via Google Street View
Jan 16 2018
Newmark Knight Frank has hired a new market leader for its Phoenix office. Michael Garlick will take on the role of executive managing director, replacing Pete Bolton in overseeing office and brokerage operations, as well as growth initiatives in the Phoenix metropolitan area.
In his new role, Michael will work with Senior Managing Directors Mike McQuaid and Chris Krewson, focusing on NKF’s overall strategy in the Phoenix market. Leadership in the day-to-day activities, continued increase shareholder value, brokerage profitability, development, strategic planning, retention and business line growth are also key aspects of the position Michael now occupies at NKF.
“Michael’s highly regarded reputation throughout the Phoenix brokerage community and keen focus on client service delivery, dovetails perfectly with NKF’s national initiatives to win business and recruit talent. Michael is optimally positioned to assume this new role, benefitting by his industry experience, NKF’s depth of resources and the unconditional support of a deep bench of regional talent,” said Greg May, regional managing director, in a prepared statement.
Over two decades in the business
Michael Garlick joined NKF in 2014 as the firm was expanding its Landlord Advisory Services platform. Prior to that, he worked for Lee & Associates Arizona, where he earned the position of principal faster than any of his peers. During his 16-year tenure he oversaw office properties operations, including tenant and landlord representation, valuation, planning, negotiations and other responsibilities. Michael entered the real estate business in 1993, as an associate at CBRE. He earned a bachelor’s degree in political science from University of Arizona.
“I have been most fortunate in my brokerage career and am excited to leverage my experience and relationships to build on our momentum and solidify NKF as a dominant name in Arizona. I am proud to work with some of the region’s finest and most respected brokers and my foremost goal is to build on the successes we have accomplished collaboratively. Our recent announcements of adding industry veterans, combined with our recent launch of the U.S. Southwest Valuation & Advisory Group, are just an example of how NKF is aggressively expanding service delivery,” said Michael Garlick in a prepared statement.
Image courtesy of Newmark Knight Frank