Crocker Partners Sells Maitland Lakes For Over $28 Million After Successful Repositioning

Cision PR Newswire | February 18, 2020

Crocker Partners announced the sale of Maitland Lakes, a 174,000 square foot mid-rise office building, to Brightman-Gil Real Estate Investments for more than $28 million. Crocker acquired the asset in 2014 for $14.8 million, increasing price per foot by almost 90% with the sale and setting a high-water mark for an office asset of this vintage.  CBRE's Ron Rogg represented Crocker in the transaction. We repositioned Maitland Lakes through a combination of amenities and cosmetic improvements that were well-received by our tenants. They in turn renewed their commitment to us, making it the right time to sell this stabilized asset given the strong Orlando fundamentals and interest from the capital markets," said Angelo Bianco, Managing Partner of Crocker Partners. "Our team's hands-on, consistent approach in implementing our value-add business plan produced a home-run result.

Spotlight

The long-awaited proposals set out to deliver a higher number of homes through a co-ordinated approach that tightens up the planning system and requires local authorities and developers to do more.

Spotlight

The long-awaited proposals set out to deliver a higher number of homes through a co-ordinated approach that tightens up the planning system and requires local authorities and developers to do more.

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MARKET OUTLOOK, REAL ESTATE TECHNOLOGY

Measurabl Receives a 2022 CREtech Real Estate Tech Award

Measurabl | October 17, 2022

Measurabl, the world’s most widely adopted ESG solution for real estate, was named a Grand Prize Winner in the Ninth Annual Real Estate Tech Awards (RETAs) for the Mid Market Growth category. The award is presented by CREtech, the world’s leading community of professionals devoted to technological innovation in the real estate sector, in partnership with Colliers, a leading diversified professional services and investment management company. Measurabl was recognized as a cutting-edge company that has played an integral role in advancing technology in the real estate industry. Among this year’s judges were leaders from Boston Properties, PGIM Real Estate, Jamestown, and Colliers. “We are delighted by the recognition, We have worked closely with our customers and the real estate industry at large to deliver the essential digital tools and infrastructure needed to succeed in the ESG Era. I take this award as encouragement to keep up the good work, and continue supporting the industry in its transformation to a more profitable and sustainable business model.” -Matt Ellis, Measurabl’s Founder and CEO This is the second time Measurabl has been named a RETA grand prize winner. The award comes on the heels of Measurabl’s ESG Advisory Services and Asset Optimization launches. These new offerings and others aim to help real estate firms go beyond the data as they report on ESG performance and climate risk, evolve existing ESG strategies, set targets, and identify ways to continuously improve. About Measurabl Measurabl is the world’s most widely adopted ESG (environmental, social, governance) technology solution for real estate. Customers use Measurabl to measure, manage, report and act on ESG data on more than 13 billion square feet of commercial real estate across more than 90 countries valued in excess of $2 trillion. Measurabl empowers customers to optimize ESG performance, assess exposure to physical climate risk, drive decarbonization and secure sustainable finance opportunities. About CREtech CREtech is Reimagining Real Estate. We are the largest international community of professionals devoted to technological innovation in the real estate sector. Our mission is to help the industry embrace, adopt, and future proof its businesses. Our streaming, live/virtual events, and consulting platform inspires the next generation of ideas, processes, and people to champion the world's largest asset class.

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REAL ESTATE INVESTMENT

CIP Real Estate Acquires Industrial Complex in North Atlanta Metro

CIP Real Estate LLC | November 17, 2022

CIP Real Estate has acquired Kennesaw Mountain Business Park, an industrial property in the north Atlanta metro area, for $22.6 million. The 10-acre parcel features two buildings totaling 144,130 square feet. The business park comprises 18 shallow bay industrial units ranging in size from 3,920 to 18,000 square feet, and the majority of the suites are between 6,000 and 12,000 square feet. The project is currently over 96% occupied. Due to strong demand and limited supply of small and mid-bay industrial units in the upscale Marietta area, a suburb of Atlanta, CIP expects significant rental increases in the next five years, which will be supported by upgrades to the facility, including improvements to the parking lot and landscaping, along with painting and HVAC upgrades. “We’re seeing unprecedented industrial demand in the Atlanta metro area, driving low inventory and supporting higher rental rates, Kennesaw Mountain Business Park is a strategic addition to our Atlanta metro portfolio, in a highly desirable location with premier accessibility and demographics.” -Eric Smyth, CEO of CIP The Kennesaw project is the newest acquisition in CIP’s growing Atlanta metro portfolio. Just 17 miles away, in Alpharetta, is Mansell Commons, a 223,000-square-foot industrial and flex project. CIP invested nearly $750,000 in capital improvements on Mansell Commons this year. To the east, additional CIP assets include Gwinnett Commons, Brook Hollow Center, Pleasantdale Industrial Park and Perimeter Place Business Park. CIP’s purchase of Kennesaw Mountain Business Park was funded with $14.69 million in takeback financing from the seller. About CIP Real Estate LLC CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas.

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REAL ESTATE INVESTMENT

REZI Launches in Austin with Rastegar Partnership

REZI | September 26, 2022

REZI, the pioneer of Occupancy-as-a-Service, has launched in Austin with a partnership with the city's leading developer, Rastegar Property Company. Rastegar is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest US. The partnership between REZI and Rastegar was announced today by Sean Mitchell, Co-Founder and CEO of REZI. This deal contracts over 200 apartments across 9 buildings with floor plans ranging from studios to 3-bedrooms in West Lake Hills, Mueller, Hyde Park, Highland Heights, Clarksville, South Austin. All units will be onboarded to REZI's innovative AI-powered leasing platform, where REZI will take ownership over all marketing and leasing providing Rastegar with a turnkey guaranteed leasing solution delivering higher asset NOIs across their portfolio. "We are thrilled to be partnering with the "King of Austin Real Estate" not only because Austin is a key market for us, but Rastegar and REZI share the mission of using technology and innovation to make finding and acquiring housing fair, transparent, and accessible for everyone," - Mitchell,Co-Founder and CEO of REZI We were immediately impressed with REZI and what they have provided the previous markets in which they've launched, In just a few years, they have become a highly reputable brand with nationwide outreach and a service that aligns perfectly with our needs and philosophy,said Ari Rastegar, Founder & CEO of Rastegar Property Company. The announcement of this partnership coincides with REZI's launch of their Texas Headquarters at 1920 Mckinney Ave in Uptown, Dallas. About REZI Founded in 2016, REZI leverages state-of-the-art leasing and financial technology to improve and optimize renters' leasing experience and improve property owners' leasing performance. REZI is a privately held company based in New York City. About Rastegar Property Company Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 35 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.

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