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.

07/20/2017 Deal

QuickLiquidity Purchases Second Mortgage on 188-Unit Apartment Community for $1.9 Million


Boca Raton, FL, July 20, 2017: QuickLiquidity, a leading real estate private equity firm providing equity recapitalizations and subordinated debt on commercial real estate, has announced that it has purchased a $1.9 million second mortgage on a 188-unit apartment community in Phoenix, AZ. The property was purchased by the borrower in 2015 and has since undergone extensive renovations, with a focus on sustainable living. When the property was purchased, half of the down payment required by the first mortgage lender was invested by the seller of the property in the form of a second mortgage. The second mortgage included an option for the second mortgage lender to convert their debt to half of the property’s equity. Over the past two years substantial renovations were made to the entire property, allowing the borrower to bring in stronger tenants and raise the rents by nearly 50%. This increased the property’s income and therefore the property value significantly grew. Some of the renovations to the property include complete interior and exterior renovations of all units, a remodeled leasing office, a new roof, new heating, ventilation and air conditioning, and new asphalt. In order for the second mortgage lender to convert their debt to equity and monetize the gains of the significantly increased property value, they would have to wait for the property’s remaining renovations to be completed, the occupancy increased, and for the property to be marketed and sold. However, the second mortgage lender had already been invested in the property for many years and preferred an early exit from the investment. QuickLiquidity worked with the borrower to purchase the existing second mortgage and modify the terms to remove the equity conversion option while extending the maturity date. This gives the borrower ample time to complete their renovations, increase the occupancy, and then either refinance or sell the property.

Contact: Yoni Miller, 561-221-0881

07/19/2017 Personnel News


Lee & Associates of Eastern Pennsylvania

Camp Hill, Pennsylvania, July 19, 2017 – Lee & Associates of Eastern Pennsylvania is pleased to announce that accomplished industry professional Joel Kreider, SIOR, has joined the firm's Central Pennsylvania office as a Principal. In this role, Joel will bring his 29 years of experience to bear for the company’s customers, as well as an in-depth knowledge of the Western Pennsylvania Industrial Market. "Joel is a skilled professional with an extensive background and has a great reputation in the commercial real estate business," said John Van Buskirk, SIOR, Principal and Broker of Record for Lee & Associates of Eastern Pennsylvania. "He brings a wealth of knowledge and the experience necessary to make an immediate impact on our market.” Prior to joining Lee & Associates of Eastern Pennsylvania, Joel served as Managing Director in Newmark Grubb Knight Frank’s Pittsburgh office and was owner and broker of record for Tartan Realty, LLC. Joel has developed, owned and managed a business park. “I’m excited for the opportunity to introduce myself and expand my relationships into the dynamic Central Pennsylvania market” said Kreider. "I look forward to being a part of the Lee & Associates team and together, supporting our existing and future clients through every aspect of our industry." Joel Kreider is a licensed real estate broker in the Commonwealth of Pennsylvania and is a member of the Society of Industrial and Office Realtors (SIOR) and NAIOP, as well as PAR and NAR. For more information, please contact John Hickey at 717.208.8669, email or visit the Lee & Associates of Eastern Pennsylvania website at

Contact: John Hickey, 717-208-8669

07/18/2017 Company News

NAIOP Developing Leaders Forum Member Named to Sixth Annual Jewish “36 Under 36” List


CHICAGO – Bryan Rosenberg, 30, a member of the National Association of Office and Industrial Professionals (NAIOP) Developing Leaders Forum, has been named to the sixth annual “Double Chai in the Chi: 36 Under 36” list of young Jewish movers and shakers in Chicago. (The letters of the Hebrew word “Chai,” which means “life,” also represent the number 18.) Check out the list and full bios online at: Presented by the Jewish United Fund of Metropolitan Chicago’s Young Leadership Division (YLD) and Oy!Chicago (—an outreach website for Chicago 20- and 30-somethings—the list shines a spotlight on the faces of Chicago's Jewish future and recognizes the amazing contributions of this generation. The young professionals featured are noted for making a difference through their work, giving back in their free time, and earning distinction in the Jewish community and beyond.

Contact: Jessica Leving, 312-444-2887

07/11/2017 Personnel News

Michael Staton to Lead CPC’s Expansion of Permanent Lending Platform in New Jersey

The Community Preservation Corporation

The Community Preservation Corporation (CPC) announced that Michael Staton, former Vice President of Commercial Real Estate Lending for TD Bank, N.A., has joined its growing loan originations team as a Vice President and Mortgage Officer. Mr. Staton will take a lead role in bringing CPC’s suite of Freddie Mac and Federal Housing Administration (FHA) lending products to multifamily building owners throughout the Northeast region with a focus on cultivating new relationships in New Jersey. With over three decades of commercial mortgage lending and real estate financing experience, Mr. Staton brings a wealth of knowledge and deep expertise of the regional market to CPC. From 1985 through 2012, Mr. Staton worked for New Jersey Housing and Mortgage Finance Agency (HMFA) where he built a foundation in accounting, asset management, financial management, and credit. In 2004, he became Director of Multifamily Programs and Lending, a position he held until 2012. Under Mr. Staton’s leadership, the agency closed more than 200 multifamily developments with mortgages totaling more than $800 million. After departing the HMFA, Mr. Staton became Vice President of Originations at WNC & Associates, where he managed investments in Low Income Housing Tax Credit properties to support the preservation and creation of affordable housing in New York, New Jersey, and other states in the Northeast. In 2015, Mr. Staton joined TD Bank where he led efforts to cultivate relationships with commercial real estate borrowers. He also created lending structures for investors, leveraging an array of lending products from conventional construction and permanent financing, tax-exempt bond direct placement, bridge loans, and federal, state, and historic tax credit programs.

Contact: Stephanie Ramirez, 212-784-5704

07/11/2017 Deal

National Industrial Developer Dermody Properties Expands to Southern California With Acquisition of 75,960 SF Facility

Dermody Properties

SANTA FE SPRINGS, Calif. – Dermody Properties, a national real estate investment, development and management company headquartered in Reno, Nev. and specializing in acquisitions and development of industrial real estate in strategic locations across the United States, recently acquired the Bloomfield Industrial Center located in Santa Fe Springs from a private investor. Located at 10712-10748 Bloomfield Ave. this 75,960-square-foot warehouse and distribution facility marks Dermody Properties’ first offering in the Southern California area. Currently, up to 37,800 SF of this multi-tenant property is available for lease. “We appreciate the hard work of Jeff Chiate, Jeff Cole, Mike Adey, Ed Hernandez and Chuck Berger of Cushman and Wakefield and Bob Crenshaw of Newmark Grubb Knight Frank who represented both buyer and seller in the transaction,” said Nancy E. Shultz, SVP, Capital Deployment, Dermody Properties. “Mr. Berger along with Mike Foley, Dave Hess, and Ryan Bos from Cushman and Wakefield have been retained to lease the two vacant spaces available at the Bloomfield Industrial Center.” There are two units available for lease at the project: a 22,440 SF unit with 1,349 SF of refurbished office space, and a 15,360 SF unit with 1,357 SF of refurbished office space. The units are adjacent to one another and can be combined to create a single unit size of 37,800 square-feet. Bloomfield Industrial Center offers dock high loading, 24-foot interior warehouse clearance, LED lighting and a prime corner location.

Contact: Chrisie Yabu, 775-686-7437

07/11/2017 Deal

National Industrial Developer Dermody Properties Acquires 111,043 SF Class-A Industrial Building in the Silicon Valley

Dermody Properties

SAN JOSE, Calif. – Dermody Properties, a national real estate investment, development and management company headquartered in Reno, Nev. and specializing in acquisitions and development of industrial real estate in strategic locations across the United States, recently acquired the 111,043 SF Silicon Valley Industrial Center from a private investor. Located at 6212 Hellyer Ave. in San Jose, California, the Silicon Valley Industrial Center is one of the only Class-A industrial buildings currently available in the Silicon Valley. Currently vacant, the entire property is available for lease. “Dermody Properties is very pleased to add the Silicon Valley Industrial Center to our portfolio as we further expand our services in this region’s ever-growing industrial community,” said Douglas A. Kiersey, President, Dermody Properties. “Jason Ovadia at JLL presented us with the opportunity to purchase the property and we didn’t hesitate to pursue the off market acquisition. It’s a great fit for our new portfolio of buildings in Northern California. We now have buildings in Lathrop, Hayward, Fremont and San Jose,” said George Condon, West Region Partner, Dermody Properties. “This is a strategic purchase for Dermody Properties, with excellent proximity to labor and the San Jose metropolitan region, in an industrial supply constrained market,” said Jason Ovadia, broker for JLL who handled the sale of the property. “The headquarters for many of the largest and most successful tech companies in the world call the Silicon Valley home. And 75 percent of all Fortune 500 companies headquartered in the Silicon Valley are within 15 miles of downtown San Jose which places this property in an ideal location.” Jason Ovadia, Greg Matter and Mark Bodie of JLL were retained by Dermody Properties to market the Silicon Valley Industrial Center for lease.

Contact: Chrisie Yabu, 775-686-7437

07/11/2017 Company News

Dermody Properties Breaks Ground on 1,081,200 SF Building known as LogistiCenter at Midway in Berks County, Penn.

Dermody Properties

Bethel Township, Penn. – Dermody Properties, a national real estate investment, development and management company specializing in acquisitions and development of industrial real estate across the U.S., recently broke ground on LogistiCenter at Midway. At completion, the building will offer 1,081,200 SF of space ideally suited for warehouse, distribution or e-commerce business. Dermody Properties expects to complete construction in the spring of 2018. “Dermody Properties has been investing in the Central Pennsylvania market for over 20 years,” said Douglas Kiersey, President, Dermody Properties. “Our customers are attracted to the market by access to a high percentage of the United States and Canada populations, as well as the presence of a high-quality labor pool.” LogistiCenter at Midway is located at 270 Midway Road in Bethel Township, Penn. on a 136-acre site with direct access to I-78. This transportation-advantaged location puts it within a one-day truck drive of 36 percent of the US population and 60 percent of the Canadian population. Nearby multi-national companies include Samsung, Dollar General, and PetSmart. “This project emphasizes the focus we have on building modern, flexible-use facilities that allow our customers to reach their consumers quickly and efficiently,” said Eugene Preston, East Region Partner, Dermody Properties. “Over the past four years, Dermody Properties has invested in the Northeast with more than 5 million square feet of new development. All of these projects fit within our strategy of providing premier developments in markets with key demand drivers.” The building architect is Ware Malcomb and the general contractor is Blue Rock Construction. LogistiCenter at Midway is being marketed for lease by Joseph McDermott, Vincent Ranalli, and Jake Terkanian with CBRE.

Contact: Chrisie Yabu, 775-686-7437

07/06/2017 Company News

Cox Castle Nicholson Named to The Legal 500 United States 2017 Series

Cox Castle Nicholson

Cox Castle Nicholson, a preeminent full-service law firm focused on real estate in the United States, today announced that it has been recognized on the 2017 Legal 500 list in the real estate, construction and land use/zoning categories. In addition, nine of the firm’s distinguished attorneys statewide received the “recommended attorney” designation, an honor based purely on merit. It is the firm’s fourth year on the Legal 500 rankings in the real estate and land use/zoning categories and its first in construction. Used by commercial and private clients, corporate counsel, CEOs, CFOs and professional advisors, The Legal 500 is widely recognized as the world’s largest legal referral guide, with more than four million unique visitors annually. More than 250,000 corporate counsel were surveyed and interviewed globally over 12 months to produce the guide, which is purely merit-based.

Contact: Jade Terry, 714-263-8752

07/05/2017 Personnel News


Fort Capital

Fort Worth-based real estate development & investment firm, Fort Capital, has hired Sarah LanCarte, previously a top commercial broker with Transwestern, to lead & grow its commercial acquisitions & leasing team. With the hire of LanCarte, Fort Capital will expand its platform to acquire & manage industrial & commercial properties throughout Fort Worth & surrounding counties. Fort Capital has recently announced plans to invest $1B in the next five years, making it one of the leading real estate owners throughout Fort Worth. “Sarah’s arrival at Fort Capital is our message to the market that we will be acquiring & developing industrial & commercial properties,” said Chris Powers, CEO of Fort Capital. “We struck a very mutual vision for how we hope to impact Fort Worth. Sarah’s career speaks for itself – she was the top broker at Transwestern & has an uncanny ability to build solid relationships & execute on them. Her market knowledge, network, & work ethic make her a perfect fit for our firm as we look to rapidly expand our commercial business.” LanCarte has garnered more than seven years of experience in the Fort Worth commercial real estate market as a broker at Transwestern’s Fort Worth office. In her new role as managing director, LanCarte will be responsible for expanding Fort Capital’s commercial real estate platform by identifying new acquisition opportunities & strategically managing / leasing portfolio investments. “Joining Fort Capital was a strategic move for me, “ said Sarah LanCarte, Fort Capital’s new managing director. “We plan to grow the commercial division through smart acquisitions, developments & great hires.” LanCarte is currently president-elect of Fort Worth CREW, a professional organization that focuses on advancing the success of women in real estate, &, in 2016, was named one of Fort Worth Business Press’ Top 20 in their 20s. LanCarte is a graduate of Auburn University, & holds a Bachelor of Business Administration degree in Finance & a Bachelor of Arts degree in Spanish.

Contact: Brenna Jefferies, 817-546-8339

06/20/2017 Company News

Miller Construction Company Completes $20.8 Million Sereno at Bay Harbor Islands Waterfront Condominium Community

Miller Construction Company

Miller Construction Company has completed the upscale Sereno at Bay Harbor Islands condominium community for co-developers Integra Investments and 13th Floor Investments. From the private, 13-slip marina to elaborate rooftop amenities, the nine-story, post-tensioned concrete structure takes full advantage of its location overlooking Florida Bay, Bal Harbour and the Atlantic Ocean. Miller’s crews created the curving structure to maximize the waterfront site’s panoramic views. Located on one of the last developable waterfront sites in the affluent, residential Bay Harbor Islands neighborhood, the $20.8 million project involved unusual construction challenges. Staging and deliveries had to be meticulously coordinated within the tight site to confirm to strict code provisions and avoid inconveniencing neighbors, according to Brian Sudduth, Miller senior vice president, preconstruction. Municipal regulations against weekend and evening construction noise meant Miller had to drive a highly disciplined schedule. With contemporary design by Corwil Architects of Coral Gables, Sereno at Bay Harbor Islands features a three-story lobby, expanses of glass throughout and extensive landscaping. Rooftop amenities include a zero-edge pool with cabanas, lounge with fire pit, bar and barbeque areas, an outdoor theater with surround sound and outdoor dining area. Each residence has private elevator access. The new community replaces an aging condominium at the site. Miller Construction Company partnered with the developers from the redevelopment’s early stages to deliver a unique waterfront living environment that was fully sold prior to completion. Founded in 1973, Miller Construction Company has built more than 400 projects for the private sector. The prominent South Florida design/builder and construction services firm serves commercial, industrial, multifamily, educational, retail and healthcare markets. For information:

Contact: Linda Lewis, 954-428-4477

06/15/2017 Company News

C.W. Driver Companies Appoints Corky Silva, LEED AP, as Northern California Project Executive

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 hired Corky Silva as project executive, the company announced today. In his new role, Silva will oversee the company’s Northern California projects, including the Hillsdale Shopping Center – North Block Redevelopment – one of the largest enclosed shopping centers in the San Francisco Bay Area. In an area where household incomes are twice the national average, the Hillsdale Shopping center attracts more than 8 million affluent shoppers annually. Led by Silva, C.W. Driver Companies’ $155 million reconfiguration of the 12.5-acre northern portion of the center involves tearing down the Sears building, redeveloping the surface lot and 291,519 square feet of retail, dining and entertainment space. The project is expected to be completed in 2018. In his new role, Silva will oversee Northern California project teams, work with owners to ensure projects meet expectations and generate new business opportunities in the high-rise and hospitality space. He is a LEED (Leadership in Energy and Environmental Design) Accredited Professional. Prior to C.W. Driver Companies, Silva worked on high-rise and hospitality projects as a project executive at Johnstone Moyer. He also previously served as project manager for Barry Swenson Builder, working on high-rise and multifamily residential construction. A San Jose resident, Silva earned a bachelor’s and master’s degree in civil engineering from San Jose State University.

Contact: Jade Terry, 714-263-8752

06/12/2017 Company News

James A. Kurek Joins Liberty Property Trust as Vice President, Information Technology Officer

Liberty Property Trust

News Release General Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704 Media Contact: Robbie Raffish, a.s.a.p.r., 443.944.9301 James A. Kurek Joins Liberty Property Trust as Vice President, Information Technology Officer Malvern, PA – June 12, 2017 - Liberty Property Trust today announced that James A. Kurek has been named vice president, information technology officer for the company. “Technology changes at hyper speed, and Jim has a proven track record for staying with and ahead of the challenges,” said Chris Papa, executive vice president and CFO at Liberty. “We are excited to have his expertise on our team.” Kurek comes to Liberty with more than 20 years of experience, most recently as senior vice president of infrastructure and operations at D+H Corporation in New York. He was responsible for the global technology footprint of D+H, a payments and lending technology provider serving banks and financial institutions. Kurek oversaw three North American data centers and provided technical and strategic leadership to a worldwide team of technology executives covering a full suite of technology-related services. Previously, Kurek served as senior director of technical services for Razor Technology and senior director of information systems/segment security officer at SunGard Financial Systems. He’s also held positions at Commerce Bank (TD Bank) and Promia, Inc. Kurek is in the process of completing a Master of Science in Information Systems at Penn State and holds a Bachelor of Science in Administration of Justice/Computer Science also from Penn State. He has attained a long list of certifications, including RHCE; Cisco DCUCI, CCNA; CCNP; Checkpoint CCSA, CCSE, CCSI; ITIL (Foundation); NetApp PSA/NDA and EMC.

Contact: Robbie Tarpley Raffish, 443-944-9301

06/09/2017 Company News

Woodland City Council Approves Petition To Prepare Woodland Research Park Specific Plan

City of Woodland

The City of Woodland this week voted unanimously to move forward with preparation of a Specific Plan for Woodland Research and Technology Park, “Woodland Research Park.” On May 18, the Woodland Planning Commission had voted unanimously to recommend that the City Council accept the petition, based on finding the proposed boundaries of the specific plan appropriate and consistent with the policies of the City of Woodland General Plan.

Contact: Marika Rose, 916-601-9737

06/09/2017 Company News

Miller Construction Company Fast-Tracking Flagler Global Locgistics' Countyline Corporate Park Building 1

Miller Construction Company

With Miami-Dade County’s industrial space vacancy rate under four percent, Miller Construction Company is fast-tracking the first spec building in phase one of Flagler Global Logistics’ new Countyline Corporate Park. Scheduled for Fall completion, the 197,427-square-foot, tilt-wall structure at NW 97th Avenue and NW 154th Street, Hialeah, is the first of nine planned buildings in the park’s initial 2.4 million-square-foot phase. Building One offers next-generation industrial space with 32-foot clear ceiling heights, 180-foot building depth and a 180-foot non-shared truck court that includes trailer parking. This is Miller Construction Company’s fifth project for Flagler Global Logistics, bringing the firm’s total space constructed for the developer to over one million square feet. “As we launch Countyline Corporate Park to meet intense demand for new, highly efficient industrial space, Miller’s team gives us the speed to market, expert solutions and proven craftsmanship we need,” said Christopher Sutton, Vice President, Development for Flagler Global Logistics. “By focusing on our company’s best interests, they create value at every stage of a project,” he added. Architect for Countyline Corporate Park Building 1 is Ware Malcomb. The project’s engineering consultants are Langan (civil), DDA Engineers (structural) and Puga and Associates (MEP). With a strategic location at the border of Miami-Dade and Broward counties, Countyline Corporate Park provides quick access to I-75, Florida’s Turnpike and the Palmetto Expressway, as well as Miami International Airport, Port Miami and Port Everglades. The park’s multi-phase master plan includes a total of 8.4 million square feet of industrial space. Founded in 1973, Miller Construction Company is a prominent South Florida design/builder and construction services firm serving industrial, commercial, healthcare, hospitality, educational, retail and multi-family markets. For information:

Contact: Traci Miller, 954-764-6550

06/02/2017 Personnel News

Dewberry Announce the Promotion of Christopher Cirrotti


As the manager of the firm’s Parsippany office, Cirrotti is responsible for managing a wide range of civil engineering projects involving commercial and institutional land development, as well as redevelopment. With more than 28 years of experience, he is an expert in site planning, civil design, stormwater management, roadway and utility infrastructure design, regulatory permitting, low-impact development, and construction management. He has worked on various projects over the years, including the Honeywell global headquarters renovation in Morris Plains, New Jersey, and the Virtua Voorhees Hospital in Voorhees, New Jersey. Cirrotti earned his bachelor’s degree in civil engineering from Rutgers University. He is a professional engineer in Delaware, Connecticut, New Jersey, New York, and Pennsylvania. He is a LEED Accredited Professional BD+C, and a certified municipal engineer and professional planner in New Jersey. He is a member of the Commercial Real Estate Development Association (NAIOP), Healthcare Facilities Management Society of New Jersey, and the American Society of Civil Engineers.

Contact: Sandra Ammar, 703-815-4971

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 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

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

05/16/2017 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 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 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

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

05/15/2017 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

05/15/2017 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

05/10/2017 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

City of St Albert Cushman Wakefield