Member News  

NAIOP Member News offers members the opportunity to promote important announcements from their company. These include personnel transactions (hirings, promotions), company news (awards, relocations, stock reports, mergers and acquisitions) and deals (purchases, sales, major financing, awarding of property management contracts, groundbreaking and topping off, leases and land sales).

Submit your news using the online form. NAIOP will review submissions for length, clarity and appropriateness. Press releases sent directly to NAIOP may not be included.

05/24/2017 Deal

Dickson Commercial Group Completes Disposition of Premier Downtown Reno Office Building

Dickson Commercial Group

Reno, Nev. – Dickson Commercial Group, Inc. (DCG) is pleased to announce the successful sale of 1 E. Liberty Street in Downtown Reno. The six-story, 89,000 square-foot office building, commonly known as the U.S. Bank Building, was purchased by 1 Liberty C2K LLC, and was financed by New York Based UBS. Dominic Brunetti, CCIM and Scott Shanks, SIOR represented the seller, Reno-based ownership group One East Liberty LLC, who acquired the property in 2013. Led by local development veteran Blake Smith, the group stabilized the building over a course of four years completing over $4.2 million in renovations and taking the building from 60 percent occupancy to 96 percent occupancy at time of sale. “The acquisition, repositioning and disposition of 1 E. Liberty Street represents multiple northern Nevada economic indicators including occupier demand for Class A office space, the resurgence of the Downtown Reno work environment and national investor confidence in our real estate community,” said Dominic Brunetti. Brunetti and Shanks assisted in the initial acquisition, lease up and disposition. The building closed escrow on May 17, 2017 for $18.3 million. Major tenants include Starbucks, U.S. Bank, Lewis Roca Rothgerber Christie (LRRC), MEDNAX Service, Inc. and Pacific Workplaces. The building features structured underground parking, modern high-end renovations and is located on the major intersection of Downtown Reno’s financial district. “Before, the building had a cold institutional feel,” said Blake Smith. “We succeeded in creating a vibrant, pedestrian-friendly connection between Midtown and the River District.” Dickson Commercial Group (DCG) is a locally owned and operated, full-service commercial real estate firm headquartered in Downtown Reno and serving all of Northern Nevada.

Contact: Chrisie Yabu, 775-686-7437

05/22/2017 Personnel News

Hoffmann Commercial Real Estate Names New CEO

Hoffmann Commercial Real Estate

Hoffmann Commercial Real Estate announced today that it has named Greg Hoffmann as Chief Executive to the company, effective immediately. Mr. Hoffmann has served as a Principal to the company and has been intimately involved with the company’s notable expansions into Naples, FL, Beaver Creek, CO, and the North Shore of Chicago, helping the company grow nearly five times in size since he first started. In addition to his new duties, Mr. Hoffmann sits on the Board of Directors of all of Osprey Capital’s holdings, including DHR International, JobPlex, and Orange Line Oil. Mr. Hoffmann graduated from Miami University with a degree in Finance and Mathematics and also holds an MBA from Northwestern University’s Kellogg School of Management. For more information on Hoffmann Commercial Real Estate, visit

Contact: Creative Marketing Associates, Inc, 847-858-4203

05/21/2017 Deal

QuickLiquidity Funds $6.9 Million of Capital for Tenants-in-Common Roll Up


QuickLiquidity, a leading private equity investment firm providing equity recapitalizations and subordinated debt on commercial real estate, has announced that it has funded $6.9 million of subordinated debt to complete a tenants-in-common roll up. The roll up is on a portfolio of over one million square feet of manufacturing and warehouse facilities spread across the US. The portfolio was initially purchased in 2006 for $28 million, with $10 million invested by 23 separate owners as tenants-in-common (TIC) subject to an $18 million CMBS loan. The properties are all on triple net leases to a publicly traded company until 2030. In 2016 the CMBS loan had an anticipated repayment date. This meant that in the event that the loan could not be refinanced, the existing loan agreement allowed for the portfolios net cash flow was used to pay down the principal balance of the loan. This loan provision is referred to as “hyper-amortization” and is currently in effect. The portfolio was not refinanced in time of the anticipated repayment date because of challenges with finding a lending institution who was comfortable with the TIC structure, and having to obtain consent from all 23 separate owners on the terms of the refinance. The borrower recognized an opportunity to roll up the 23 separate TIC owners into one new entity using IRS code 721. This allows the owners to contribute their TIC interest to a new entity without realizing a capital gain or loss. QuickLiquidity’s subordinated debt will be used to purchase TIC interest from the owners who prefer an immediate exit strategy and liquidity over rolling up. Once the roll up is complete and the new entity owns 100% of the portfolio, the borrower will be able to either refinance the properties which would halt the phantom income and return cash distributions, or sell the properties and distribute the sale proceeds.

Contact: Yoni Miller, 561-221-0881

05/16/2017 Personnel News

Neil Hoffstot Promoted to Operational Leadership Role

Kinsley Construction, Inc.

Kinsley Construction, Inc. happily announces Neil Hoffstot’s transition from Sr. Project Manager to an Operational Leadership role in the Herndon, VA office. With 10 yrs. of deep understanding of construction and corporate operations, he will be a great asset to the Herndon team. Originally from Fairfax County and a Robert E. Lee High School alumnus, Neil is “excited about moving home,” and feels “fortunate to be able to do that while supporting the growth of Kinsley and the Herndon office.”

Contact: Anne Miller, 717-741-8713

05/16/2017 Personnel News

Nicole Laforteza Joins Cavignac & Associates as

Cavignac & Associates

Cavignac & Associates, a downtown San Diego-based risk management and insurance brokerage firm, has hired Nicole Laforteza as an account administrator within the agency’s Employee Benefits Department, announced Jeffrey W. Cavignac, CPCU, RPLU, CRIS, company principal and founder. Laforteza’s primary responsibility is to assist the department’s account manager with daily service activities for each client’s benefit offerings. Specifically, she coordinates requests for proposals and prepares quotations for new and renewal coverage; compiles open enrollment materials; creates spreadsheets, presentations and proposals for new and renewal business; and prepares packages of material for open enrollment meetings, sometimes handling those meetings if requested.

Contact: Bonnie Kutch, 619-299-1010

05/16/2017 Company News

Fernandez & Fallon Retained to Sell First Floor Net Lease Retail on M St NW, DC


Rick Fernandez and Andrew Fallon of Calkain Urban Investment Advisors have been retained to sell the first floor restaurant space of the newly built, 94% sold out, 10Eleven luxury condominiums at the corner of 11th and M Streets, NW. Fernandez, Calkain’s Senior Managing Director, commented, “Net lease real estate is in short supply in DC and we are excited to show investors this highly adaptable ground floor retail property in one of the hottest development markets in the city." 10Eleven is at the border of the dynamic and rapidly growing Logan Circle and Shaw neighborhoods. The restaurant with plenty of on-street parking and entrances from M and 11th street will occupy the full 4,260 square foot retail space.

Contact: Traci Bidinger, 703-935-0947

05/16/2017 Personnel News

Natalie Pizzo Hired as Accounting Assistant at Cavignac & Associates

Cavignac & Associates

Natalie Pizzo has been hired as a part-time accounting assistant at Cavignac & Associates, a downtown San Diego-based risk management and insurance brokerage firm, announced Jeffrey W. Cavignac, CPCU, RPLU, CRIS, company principal and founder. Pizzo’s principle responsibilities include entering cash receipts, identifying overdue accounts, preparing accounts receivable reports and statements for the agency’s account executives, preparing bank deposits, reconciling direct bill commissions, creating and sending invoices for seminars and value-added client services, processing client return premiums and reconciling company payables. She also maintains EPIC Data integrity, performing monthly income reconciliations and quality control for account managers, and training new employees on invoicing and collections.

Contact: Bonnie Kutch, 619-299-1010

05/16/2017 Personnel News

Cavignac & Associates Hires Doneca Delmundo as

Cavignac & Associates

Doneca Delmundo has been hired by Cavignac & Associates to serve as an account administrator within the agency’s Commercial Department, announced Jeffrey W. Cavignac, CPCU, ARM, RPLU, president and principal of the San Diego-based risk management and commercial insurance brokerage firm. In her new post, Delmundo provides support and assistance to the agency’s commercial insurance account managers and ensures the firm’s clients are well served. Specifically, she is responsible for processing endorsements, policies and certificates of insurance; handling billing and cancellation issues; administrative follow-up; reconciling audits; and contract review.

Contact: Bonnie Kutch, 619-299-1010

05/16/2017 Deal

Calkain’s Fernandez Brings Prime Vienna, VA NNN Asset to Market


Calkain's Senior Managing Director, Rick Fernandez, is bringing to market the Coldwell Banker building located at the prime corner of Route 123 and Nutley Street in Vienna, Va. Offered for sale is nearly one acre of irreplaceable corner real estate in one of DC’s most affluent suburban communities along with improvements and a long standing, corporate guaranteed (NRT MidAtlantic/Realogy) triple net lease to Coldwell Banker. Fernandez commented, “The Vienna submarket traditionally has low vacancy and a densely packed retail corridor, making this a stable income producing property and an ideal generational net lease investment opportunity.”

Contact: Traci Bidinger, 703-935-0947

05/16/2017 Personnel News

Julie Brennan Appointed Sr. Account Manager within

Cavignac & Associates

Cavignac & Associates, a downtown San Diego-based risk management and insurance brokerage firm, has appointed Julie Brennan to the post of senior account manager within the agency’s construction practice, announced Jeffrey W. Cavignac, CPCU, RPLU, CRIS, company principal and founder. Brennan brings to Cavignac & Associates 17 years of experience in the insurance industry. In her new position, she will serve as the main point-of-contact at the agency for both surety and commercial insurance clients. Working alongside James P. Schabarum II, CPCU, AFSB, who serves as a principal of the firm and oversees the firm’s Surety Department, she is charged with servicing Schabarum’s clients, maintaining long-term relationships and ensuring that all their account service needs are met.

Contact: Bonnie Kutch, 619-299-1010

05/15/2017 Personnel News

Kinsley Names Schiding as Director of Business Development

Kinsley Construction, Inc.

Kinsley Construction, Inc. announced that Jarrod Schiding has been promoted to a new role in the company’s Building Division. As Director of Business Development, Jarrod is responsible for managing and coordinating the efforts of all business development activities and related resources across all building division business units within the Mid-Atlantic region. Jarrod partners with the leadership team to set and lead business development strategies. He adds value to the business development process by coordinating organizational resources to improve Kinsley’s opportunity to win, while maintaining its core values.

Contact: Anne Miller, 717-740-8713

05/15/2017 Personnel News

Marc Menick Appointed New President and COO of KLNB


KLNB today announced Marc Menick will be the firm’s new president and COO, effective June 12, 2017. He succeeds Andrew J. Georgelakos who served 17 years as KLNB’s managing partner and who will retire June 30, 2017. As president and COO, Menick will be responsible for all of KLNB’s operations, including tenant and landlord representation, leasing, investment sales, property management, financing, and appraisal and valuation services. “We are fortunate that Marc is joining KLNB and I’m happy to step into my retirement knowing that his capable hands will be taking the reigns,” said Georgelakos. “Marc has a strong reputation of integrity in the marketplace, he knows the dynamics of the Washington-Baltimore real estate market and he’s a collaborator who will not only help our team perpetuate the initiatives we’ve already put in place but also come up with new initiatives that will lead KLNB into the next phase of business growth. As I’ve said before, the success of KLNB is fueled by our employees who own the company. Marc understands that core value and its importance to our advancement.” Menick will join KLNB after 19 years with Peterson Companies, where he most recently served as vice president of retail leasing. There, Menick oversaw all facets of the retail, dining and entertainment leasing for the company’s six million-square-foot portfolio. Some of Menick’s most notable contributions during his tenure at Peterson Companies include the leasing and merchandising efforts on some of the region’s most prominent retail projects, including National Harbor, Fairfax Corner, the RIO Washingtonian Center, Downtown Silver Spring, Virginia Gateway and numerous others.

Contact: Nikki Bracy, 410-732-6542

05/10/2017 Personnel News

Cushman & Wakefield Names Carolyn Sidor Managing Principal New England; Joe Fallon Elevated to Executive Vice Chairman New England

Cushman & Wakefield

Cushman & Wakefield announced the promotion of Carolyn Sidor to Managing Principal of the firm’s New England operations, including Hartford, Connecticut, and Manchester, New Hampshire. The changes are effective May 22. Joe Fallon, who has successfully led the region since 2015, has been named Executive Vice Chairman of New England and will continue to focus on Cushman & Wakefield’s new and future clients, working with Ms. Sidor to to manage and lead the firm’s brokerage business, and share his knowledge and experience with emerging talent. Mr. Fallon has been in the real estate business for more than 25 years representing corporate and institutional clients in Boston and across the world. He has acted as portfolio and transaction manager for several corporate clients, and in addition to his management duties, he is consistently one of the top producing brokerage professionals in the firm. “Carolyn and Joe both bring an exceptional set of expertise and experience to their new roles, and we have high confidence that this leadership team will create an even strong platform of services in New England,” said Roberta Levy Liss, Regional Managing Principal, Mid-Atlantic and Northeast Region. “Our clients deserve to have the best team working on their behalf, and today we’ve put those pieces in place.” Originally from the Hartford area, Ms. Sidor is a senior executive with deep Boston roots and extensive experience within the firm and the industry. Most recently she has served as Senior Managing Director and Americas Lead for Cushman & Wakefield’s Specialty Practice Groups. Prior to joining Cushman & Wakefield and its legacy companies, she held senior leadership positions at Colliers International and CB Richard Ellis/New England. She also spent 16 years at the Greater Boston Real Estate Board (GBREB) where she ran the Building Owners and Managers Association and the Commercial Brokers Association, eventually becoming GBREB’s Chief Operating Officer.

Contact: Mikayla Michienzi, 617-646-3324

05/08/2017 Personnel News


The Blau & Berg Company

The Blau & Berg Company, a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, is proud to announce that Alessandro (Alex) Conte, CCIM, SIOR, has been named to The Cotsakos College of Business Advisory and Advancement Board of William Paterson University. Appointed by the Dean, Alex’s role on the board will include providing leadership through professional excellence as well as offering advice to the Dean and other University leaders to advance William Paterson’s mission and achieve it’s strategic goals. Conte graduating from William Paterson University in 2002 with a bachelor’s degree in Exercise and Movement Science and is now a prominent business leader in the commercial real estate industry. He is committed to investing his time in the future of the Cotsakos College of Business and is honored to offer his experience and leadership skills to the board.

Contact: Whitney Driver-Crimmins, 973-379-6644

05/03/2017 Deal

Akerman Represents Lion Vail LLC in $115,000,000 Project Refinancing

Akerman LLP

Akerman LLP, a top 100 U.S. law firm serving clients across the Americas, successfully represented Lion Vail LLC in a $115,000,000 refinancing of The Lion, a luxury condominium project in Vail, Colorado. The transaction consisted of an existing mortgage loan with senior and mezzanine debt, and was closed under a compressed timeline on April 20, 2017. The lender was an affiliate of Blackstone Real Estate Special Situations Advisors L.L.C., represented by Gibson Dunn & Crutcher LLP. Located in Colorado’s central mountains, the just-completed project overlooks the Vail Valley and includes 65 condominium units, a parking structure, restaurant facility, and other high-end amenities. The redevelopment is an integral part of the Town of Vail Lionshead Redevelopment Master Plan. The project links pedestrian paths to the Lionshead retail core and ski lift. Real estate partner William Ellis in Los Angeles led the Akerman team representing Lion Vail LLC. He was assisted by associates Jesse Nichols and Rachel McRoskey in Los Angles. Real estate partner Allison Nelson in Denver and Corporate partner Greg Limoncelli in New York also contributed to this deal.

Contact: Marlisa Serrano, 305-349-4942

05/01/2017 Company News

C&W Services Holds National "Someone I Love Works at C&W Services" Arts Contest

C&W Services

Facilities management company C&W Services took a unique approach to “Take Our Daughters and Sons to Work Day” – an art contest - for parents who want to take their children to work, but can’t. A Connecticut 8-year old was the grand prize winner. C&W Services held a “Someone I Love Works at C&W Services” Art Contest for the children of their employees, where children drew what they thought their parents did for a living in lieu of coming to work because the environment is unsafe or unsuitable for kids. The grand prize winner, Emma Martini of Danbury, Connecticut, made a drawing of her father, Daryl, an account manager who helps run the facilities for the global pharmaceutical company Boehringer Ingelheim. Emma’s drawing depicted her father helping to deliver medicine to people around the world. Emma, 8, won a $100 Amazon gift card, a trophy, art supply backpack and a $1,000 donation in funding to her elementary school – Mill Ridge Primary School in Danbury. To view a short video of the Martinis talking about the contest and presenting the check to the school, visit our blog:

Contact: Monique Derico, 617-646-3315

04/25/2017 Company News

Capital Outlook for U.S. Real Estate Sector on the Rise, Annual Akerman Report Finds

Akerman LLP

Increased confidence in the commercial real estate market has taken hold since the U.S. presidential election, according to a report released today by U.S. law firm Akerman LLP. The eighth annual Akerman U.S. Real Estate Sector Report revealed 53 percent of investors and lenders are more optimistic about the 2017 outlook for the U.S. commercial real estate market, compared to only 38 percent last year. The prospects of deregulation, tax reductions and stronger economic growth have renewed investor confidence. Sixty-four percent of real estate executives interviewed after the election say the Trump administration's agenda will have a moderately or significantly positive effect on the industry. This number is up from 54 percent who were bullish about the pro-business presidential candidate during the 2016 campaign. This increasingly optimistic view of the market is tempered by new uncertainties. The potential impact of a rising interest rate environment and the unintended consequences policy changes could have on the U.S. economy are top of mind for real estate executives, according to the Akerman Report (85 percent). Nearly 12 percent see the rise in purchase prices as another pressing issue affecting the real estate sector. Several say the risk of reduced cap rates and higher borrowing costs will continue to drive deals to secondary and tertiary markets, and new creative segments. "As 2017 unfolds, industry executives are increasingly optimistic about the state of the U.S. commercial real estate market," said Richard Bezold, chair of Akerman's Real Estate Practice Group, which is ranked sixth by Law360 among the largest teams of real estate lawyers in the United States. "There are headwinds, but as we move into a deregulated environment, we expect less restrained capital to pursue opportunities actively and aggressively. Local market knowledge and innovative investment strategies will continue to be the key differentiator for successful real estate investors."

Contact: Marlisa Serrano, 305-349-4946

04/04/2017 Company News



Contact: aaa, 222-222-2222

03/29/2017 Company News

C&W Services Hires Scott Conover as Director of Business Development

C&W Services

C&W Services, one of the largest facility services companies in the US & Canada, recently hired Scott Conover as Director of Business Development. Scott will plan and coordinate the implementation of new business pursuit plans and the penetration of new markets for C&W Services.

Contact: Monique Derico, 617-646-3315

03/29/2017 Company News

Eastern Bank Corporation elects new Board members at 199th Annual Meeting

Eastern Bank

BOSTON, March 29, 2017 – Eastern Bank, America’s oldest and largest mutual bank, continues to increase the diversity of its leadership, as it announced today several key additions to its governing body. The new Corporators and Trustees were elected at the Annual Meeting of Eastern Bank Corporation held on March 7, 2017 at the Boston Convention & Exhibition Center. With this year’s election, more than 40 percent of Eastern’s Board of Corporators is now comprised of women, people of color, and members of the LGBTQ community. Ten years ago, white males made up 92 percent of the Board. “We are proud of our efforts in diversity and inclusion, but understand we have more work to do to accomplish broader representation from the various customers and communities we serve,” said Bob Rivers, Eastern Bank Chairman and CEO. “Eastern will benefit tremendously from the talent and diverse perspectives of this year’s class of Trustees and Corporators. Everyone at Eastern is excited that Elyse, Scott, Leverett, Nurys, Josiane, and Eneida have chosen to join us for good.” The following individuals were named Trustees of Eastern Bank Corporation: • Elyse D. Cherry, CEO Boston Community Capital; • Scott E. Squillace, Esq., Owner/Principal, Squillace & Associates (joined Eastern as a Corporator in 2013); • Leverett I. Wing, Executive Director, The Commonwealth Seminar. The following individuals were named Corporators of Eastern Bank Corporation: • Nurys Z. Camargo, Regional Director of External Affairs, AT&T Massachusetts; • Josiane Martinez, Founder & CEO, Archipelago Strategies Group; • Eneida M. Roman, Esq., Owner/Principal Roman Law & Co-Founder, Latina Circle.

Contact: Andy Ravens , 781-598-8528

03/27/2017 Personnel News

C.W. Driver Companies Promotes Paul Ruig, LEED AP, to Vice President of the Greater Los Angeles Region

C.W. Driver Companies

C.W. Driver Companies, a premier builder providing general contracting, construction management and design-build services to the Western United States, has promoted project executive Paul Ruig to vice president of the Greater Los Angeles region, the company announced today. In his new role, Ruig will work with project owners and architects to oversee construction projects from preconstruction and planning phases to final project delivery. He will also develop new business opportunities in the region, with a focus on hospitality, commercial, education, entertainment and studio work. A LEED (Leadership in Energy and Environmental Design) Accredited Professional, Ruig moved up the ranks at C.W. Driver Companies after serving as a project executive, project director and senior project manager. “As a veteran member of the C.W. Driver Companies family, Paul couldn’t be more deserving of this promotion,” said Karl Kreutziger, President of C.W. Driver Companies. “His extensive track record of providing excellent client service and exceeding project expectations will be invaluable as he continues to expand our presence in the Orange and Los Angeles County regions while providing leadership for our professional teams within our organization.” With 20 years of experience, 15 of which is with C.W. Driver Companies, Ruig has worked on more than 30 major projects including Irvine USD Portola High School ($100M), SONY Pictures Studios’ 8-Story Office Building and LOT & Office Transformation projects ($200M), NBC Universal’s Universal City Broadcast Center ($95M) and Extron Electronics’ new headquarters ($51M). Paul is currently in the preconstruction phase on the following projects: Wincome Group’s Anabella Hotel ($220M), Merlone Geier Partners’ Five Lagunas Mall Redevelopment ($75M), Europa Temecula Hotel & Winery Resort ($50M) and Irvine USD Heritage Fields K-8 school ($35M).

Contact: Jade Terry, 714-263-8752

03/27/2017 Company News

CenterPoint Properties Names Tony Beck to Senior Vice President

CenterPoint Properties

OAK BROOK, IL – CenterPoint Properties is thrilled to name Tony Beck CenterPoint’s Eastern Region Senior Vice President. In his role, Mr. Beck will be responsible for eastern market expansion, including sourcing new development opportunities, developing broker relationships and negotiating development terms. “Given his extensive experience across all lines of development, leasing and operations, we’re excited to have Tony move into this new role and take on a leadership position within the company,” said Michael Murphy, CenterPoint’s Chief Development Officer. “Since joining us in 2015, he has become an integral part of the east coast team and we look forward to building upon that success in this new role.” Prior to joining CenterPoint, Tony served as Vice President and Corporate Officer at First Potomac Realty Trust. He has more than 20 years of private and public real estate company experience with expertise in development and acquisitions as well as asset and operations management. “Moving to CenterPoint in July 2015 was the highlight of my career,” said Mr. Beck. “I am surrounded on a daily basis by accomplished, supportive colleagues experienced in all facets of development, acquisitions, operations, marketing and sales. I feel very fortunate to work alongside such a talented group of people.” Mr. Beck received his Bachelors of Science in Marketing Management with a Business Administration concentration from Old Dominion University in Norfolk, Virginia. He is actively involved in the real estate community and is a candidate for his Certified Commercial Investment Member (CCIM) credentials and a member of NAIOP.

Contact: Christine Grant, 630-586-8024

03/21/2017 Company News

Calkain Represents Top DC Developer in Sale of NC Walgreens at a 5.51% Cap


Andrew Fallon and Rick Fernandez of Calkain Companies completed the sale of a NNN Walgreens in Garner, N.C. on behalf of one of DC’s top area developers. Calkain previously worked with the client in the acquisition of this asset, having been provided investment criteria of obtaining a liquid NNN property. More recently, Calkain listed the property and was able to procure a 1031 exchange buyer, quickly re-selling the Walgreens for just over $5 million with a 5.51% cap rate. Fallon, Executive Managing Director, commented, “We were confident in our ability to generate a good deal for our client, upholding our promise of providing a liquid net lease asset when they first looked at this deal. The Walgreens had about 15 years remaining on the NNN lease. Based on the lease terms and the quality corner location in a densely populated area, we strongly believed we would be able to facilitate an attractive deal, and we did with the 5.51% cap rate, which is still lower than the 2016 average for Walgreens sales.” According to Calkain research, the average pharmacy cap rate dropped Q4 2016 when compared to Q4 2015 by about 25 bps, landing at a Q4 average of 5.95%.

Contact: Traci Bidinger, 703-935-0947

03/21/2017 Company News

Boston Capital Invests in Affordable Multifamily Development for Families in Denver, CO

Boston Capital

Boston Capital is investing in the construction of SloHi Flats, a 45-unit multifamily development for families in Denver, Colo. SloHi Flats will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is SloHi Partners, LLC, based in Denver. SloHi Flats provides 45 units in Denver's Highland neighborhood, a community that has experienced the highest level of gentrification in the Denver market over the past 10 years. SloHi Flats will feature 39 one-bedroom and six two-bedroom units located in a four-story building. Unit amenities will include nine foot ceilings, central air conditioning, balconies and a full appliance package with washers and dryers. Development amenities will include a bicycle storage room, a 2,500-square foot outdoor courtyard with a fire pit and gas grill and a 700-square foot rooftop deck. The apartments will be available to families earning 60 percent or less of the Area Median Income (AMI).

Contact: Allison E. Marino, 617-624-8678

03/21/2017 Company News

SCA Architecture Completes Transformation of Gateway Marketplace in Chula Vista

SCA Architecture

SCA Architecture (formerly known as Smith Consulting Architects), a San Diego-based architectural firm, has completed the planning, design, construction documents and construction administration for the newly revamped Gateway Marketplace, located at Fourth Avenue and C Street in Chula Vista, Calif. Brixton Capital is the developer of the $9.25 million remodeling project, with Vice President of Leasing Eric Li providing oversight for the firm. Situated on an 8.8-acre lot, the project transformed an abandoned Target building in an existing neighborhood into an attractive community amenity that serves as a gateway into the city. The former Target store was divided into three unique tenant spaces. The front of the building was set back ten feet to allow for new, distinct tenant entries. Quick-serve grocery store and restaurant spaces were added to the center as well. Contemporary architecture and a modern color scheme were used to update the center’s look. The existing site was enhanced with new landscaping, lighting, pedestrian walkways and a new gateway plaza, flanked by the new retail stores and restaurant buildings. New tenants of the center include Party City, Smart & Final, Hobby Lobby and grocer Aldi. AT&T, Little Caesar’s Pizza, Pho Hung Cali, iNails & Spa and other tenants are slated to open this year. Scott Cairns served as principal-in-charge for SCA Architecture, with Norman Barrett as project designer and Dennis Seguban serving as project manager. Consultants included GSSI Structural Engineers as structural engineer; K&S Engineering as civil engineer; Electrical Design, Inc., as electrical engineer; Abbott Engineering, Inc., as mechanical engineer; Geocon, Inc., as geotechnical engineer; and De Alcala Studio as landscape architect. Dempsey Construction served as the general contractor, with Merion Corporation acting as construction manager.

Contact: Bonnie Kutch, 619-299-1010

03/21/2017 Personnel News

KLNB Announces Retirement of Managing Partner Andy Georgelakos


KLNB, the full-service commercial real estate brokerage, today announced that Andrew J. Georgelakos, principal and managing partner will retire June 30, 2017. Georgelakos leaves KLNB after leading the firm to its two most successful years, with nearly $1.5 billion in annual transaction volume for both 2015 and 2016. One of Georgelakos’ notable achievements was his foresight in the early 2000s about the potential for expansion around the Washington Dulles International Airport. With his encouragement, St. John Properties and Merritt Properties expanded into the burgeoning Northern Virginia market, and the sales that resulted led to expansive growth in revenue, company size and geographic reach for KLNB. Georgelakos has worked on a number of notable projects including the sale of more than 350 acres of R&D flex land in Northern Virginia in the Dulles Airport area, the representation of Walmart in 300,000 square feet of sub-lease space in Baltimore and the coordination of a three-state site selection search and build to suit RFP for McCormick Spice Company’s 370,000-square-foot distribution facility in Riverside, Md. The search for a new managing partner is already underway and is being led by KLNB’s succession committee. The search is heavily focused in the D.C./Northern Virginia region, where KLNB is experiencing remarkable growth. KLNB’s executive committee is well poised to confidently and seamlessly lead the firm in the interim. About KLNB KLNB is the dominant provider of commercial real estate services throughout the mid-Atlantic region. A full-service commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, investment sales, property management, financing, and appraisal & valuation services. Headquartered in Maryland, close to 80 full-time brokerage professionals work across KLNB’s five full-service offices located in Towson and Columbia, Md.; Washington, D.C.; and Dulles and Tysons, Va.

Contact: Kendall Bair, 410-732-6542

03/16/2017 Deal

Miller Construction Company Completes 607,652 Centergate at Gratigny Second Phase

Miller Construction Company

Video tour: HIALEAH, Fla. – Delivering Miami-Dade County’s largest new industrial project on a fast-track schedule, Miller Construction Company has completed the 602,657-square-foot second phase of Centergate at Gratigny business park in Hialeah. The $25 million project demanded creative solutions -- from accessing utilities, to pouring 28,000 yards of concrete in just three months, according to Miller Senior Vice President Brian Sudduth. Developed by Foundry Commercial for an institutional client, the twin-building, Class A complex in the Airport North submarket targets users seeking at least 100,000 square feet of contiguous industrial space. A significant challenge was getting utilities to the +30 acre site. Taking an unconventional approach after careful cost analysis, Miller saved the owner time and money by building a private lift station instead of tying into the existing sewer lines. The team worked with the Public Works Department to solve flow issues from the City’s water main serving the site. To speed the tilt-wall process, Miller’s crews placed concrete six days a week – including 75 night pours. “Tilting both buildings at once made sense to save labor costs, so it was as though the two buildings raced each other to the end, with a Crawler crane switching buildings each morning,” explained Sudduth. That enabled the team to begin roofing at one end of the massive buildings while still pouring concrete at the other end. “Miller’s team knows how to tackle tough challenges, perform and deliver,” said Ford Gibson, Foundry Commercial’s South Florida managing director, development and investments. “Their track record handling Class A industrial projects for top-tier clients made them the clear choice.” RLC Architects of Boca Raton designed the two 301,000-square-foot structures in Centergate at Gratigny’s new phase and Fairchild Partners is handling leasing.For information:

Contact: Traci Miller, 954-764-6550

03/10/2017 Company News

Lydia G. Chesnick Appointed to the Real Estate and Timber Advisory Committee of the Massachusetts Pension Reserves Investment Management Board

Bernkopf Goodman LLP

Bernkopf Goodman LLP is proud to announce that Lydia G. Chesnick, a real estate and business law partner, has been appointed to the Real Estate and Timber Advisory Committee of the Massachusetts Pension Reserves Investment Management ("PRIM") Board. The PRIM Board is charged with the general supervision of the Pension Reserves Investment Trust (“PRIT”) Fund, created by legislation (Chapter 661 of the Acts of 1983) to accumulate assets through investment earnings and other revenue sources in order to assist the Commonwealth in reducing its unfunded pension liability, and likewise to assist local participating retirement systems in meeting their pension obligations. The PRIM Board established a Real Estate and Timber Committee to advise the Board in setting investment policies within the real estate and timber portfolios and assist the Board in overseeing these portfolios. "I'm honored to be a part of such an exceptional committee,” said Chesnick. "I have tremendous respect for this group and look forward to working with them." About Bernkopf Goodman LLP For over a century, Bernkopf Goodman LLP has represented clients in complex, high-stakes real estate, business and litigation problems. Our ability to provide sophisticated legal counsel efficiently and cost-effectively is an important demarcation of our firm. We have earned a reputation for offering the pedigree and expertise of a large firm, with the agility and personalized service of a boutique firm. Bernkopf Goodman LLP has an impressive track record of success that spans real estate development, construction, surety, corporate structure, bankruptcy, civil litigation and regulatory compliance, including zoning and municipal matters.

Contact: Jeannette Riendeau, 617-790-3000

03/09/2017 Company News

Florida Dairy Queens Trade Quickly in Sale-Leaseback


Calkain Companies has sold two Florida Dairy Queens, both of which went under contract within weeks of marketing. “The key was pricing them at a 6.00% cap," said Doug Aronson, Managing Director in Calkain’s South Florida office. “Investors have certain expectations these days of getting a more favorable yield, but given the increase in interest rates they can’t always find it. Fortunately, though, we were able to negotiate based on term and yield expectations.”

Contact: Traci Bidinger, 703-935-0947

03/07/2017 Deal


The Blau & Berg Company

The Blau & Berg Company, a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, has been named the exclusive agent for the sale of the former Cory Warehouse located at 720 South Front Street in Elizabeth, NJ. Jason M. Crimmins, CCIM, SIOR, Alex Conte, CCIM, SIOR and Peter J. Murano, SIOR are the procuring brokers. With proximity to Port Newark, Port Elizabeth and Newark Liberty International airport, as well as easy access to the Goethals Bridge, NJ Turnpike, US 1/9 and I-78, this 400,000 SF industrial property is in an ideal location. It consists of three facilities on 13 acres: a 318,651 SF facility with 70 docks, a 13,051 maintenance garage with 8 drive-in bays, and an 81,834 SF, three-story facility; and offers redevelopment potential.

Contact: Whitney Driver-Crimmins, 973-379-6644

Prologis CBRE