NAI Global, a leading commercial real estate brokerage firm, recently expanded its footprint in Colorado. Chrisland Inc., a boutique commercial real estate brokerage, investment and development firm in Fort Collins, joined NAI Global. The global firm plans to maintain local ownership following NAI’s mantra, “Lead locally. Act globally.” It will now do joint business under the name of NAI Affinity. While they’re known for real estate brokerage, NAI Affinity’s business does both brokerage and investments. Ryan Schaefer, co-founder of Chrisland Inc., will remain the CEO of NAI Affinity.
The firm is involved in many land deals, such as the 2534 master-planned community worth $20 million. The mass amounts of land available for purchase in Northern Colorado is appealing for global investors who don’t often see so much acreage available in one place. Further, these opportunities allow for Northern Colorado to be put on a global map in a way it wasn’t before. While local business helps NAI Global tremendously, NAI Global is also beneficial for Chrisland. Schaefer stated, “We will be able to expose our clients to investment opportunities we would not have been aware of before we joined NAI.”
NAI Global is a subset of C-III Capital Partners, led by CEO and Chairman, Andrew Farkas. The company has over 400 offices all over the world. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions. NAI Global has been working with many of the world’s largest multinational corporations for more than 30 years.
Gallery Row, a 22,500-square-foot commercial property at the northeast corner of Skyline Drive and Campbell Avenue in Foothills, was purchased by Tucson-based Larsen Baker. The complex, which was originally built in 1999, will expand by 5,000 square feet with a second-story addition. Historically home to many prominent art galleries and restaurants, the space will transform into several high-end offices under the name Gallery Offices. The first two tenants of the space are Stewart Title & Trust and Skyline Dental. Both businesses have signed leases and are expected to open in the coming months.
Melissa Lal, President of Larsen Baker, stated, “Rather than continuing to compete with the newer retail at the intersection, we saw an opportunity to create beautiful offices with views, signage and convenient access for the high-end office users that want to be close to their clients.”
The property was purchased for $3.8 million from an investment trust, serviced by C-III Capital Partners, a fully-diversified asset management and commercial real estate services company. Andrew Farkas, CEO of C-III Capital Partners, is responsible for the immense success the company has had in investment sales and acquired property management. Farkas also serves as Chairman for C-III Capital Partners.
The property redesign, renaming, and rebranding will be completed in conjunction with Repp + Mclain, an architectural design firm local to Tucson, Arizona. Repp + Mclain specializes in creative and constructible design solutions. Their mission is to make modern spaces that enhance the environment and the lives of those they touch.
Real Capital Markets, the online marketplace for commercial real estate, has released its third Annual National Investor Sentiment Report. The report looks at market dynamics and investor activity to provide real estate investors with insights and advice for the upcoming year. The reports general focus is on the Retail, Industrial, and Multifamily sectors. Real Capital Markets is a subsidiary of C-III Capital Partners, founded and run by Andrew Farkas.
The 2019 report is generally optimistic, but with a cautionary tone. Sentiments by investors and survey participants in the report show that nearly two thirds of investors think that the market is somewhere in between boom or bust, largely due to the presence of strong market fundamentals. The report also identified multifamily homes as the most attractive asset class due to the central need for housing. 36% of the survey participants named multifamily homes as their top choice for investment, with industrial real estate as a close second.
One important takeaway from the report is that interest rates are a key factor for the market this year, and investors will have to adapt their strategies to fit the ever-changing market conditions. It is critical that real estate investors continue to look ahead for new opportunities for long-term growth.
Real Capital Markets has been a constant leader in innovation in the real estate market since its founding in 1999. It was acquired by C-III Capital Partners, and fits seamlessly into C-III’s portfolio of asset management and commercial real estate services. Andrew Farkas has successfully established C-III as a leader in the industry, leveraging the individual power of the different subsidiaries to deliver higher returns for investors.
NAI Global has announced the opening of a new office in Europe, expanding their global portfolio of international offices. Athens based NAI RealAct will serve as an office in Greece, specializing in office, investment, industrial, land sales/development, multifamily and hotel/hospitality real estate.
NAI RealAct will provide a range of real estate services including valuations, property acquisitions, investment transactions consultancy, tenant and buyer representation, leasing, sales, development, project management, and real estate consulting.
NAI Global has over 400 offices strategically located throughout North America, Latin America, Europe, Africa, and Asia Pacific, with over 7,000 local market professionals, managing over 425 million square feet of property. With multiple offices in Athens and a large network of affiliate offices, NAI RealAct helps NAI Global expand their presence in an area of Europe with a rapidly increasing demand for real estate services.
“The financial climate is rapidly improving in Greece. Most financial indicators are outperforming targets, while the real estate market is entering a new era, driven by improved sales volume and stronger demand for all types of property. Take up (leasing) of commercial property is picking up and new international investors are expressing interest in our markets. The NAI RealAct team is ready to support this increasing wave for real estate services, after many years of almost no real estate development activity,” said Anna Nazou of NAI RealAct.
NAI RealAct’s team has represented a number of international clients with properties located in Greece, Cyprus, Poland, Bulgaria, Romania, Hungary, Czech Republic, Serbia, and Croatia, bringing valuable clients to the NAI Global team.
NAI Global is a subsidiary of C-III Capital Partners under the larger Island Capital Group, which falls under the portfolio of CEO and Chairman Andrew Farkas.
The $25 million renovation at Maximo Marina in St. Petersburg, Florida has been completed after redevelopment and renovations by IGY Marinas. On behalf of the owner, Bixby Bridge Capital, IGY Marinas oversaw the project including all aspects of design, redevelopment and operations since 2015.
Maximo Marina is the largest covered boat slip marina in Florida, containing covered wet slips for vessels up to 100 feet in length. Maximo Marina now features a variety of world-class amenities including floating concrete docks, a state of the art fuel dock, boat lifts, complimentary WiFi, renovated support facilities, and the opening of the new Getaway Maximo Restaurant, the largest restaurant opening in south St. Petersburg in over a decade.
“This was a complex project from a design, permitting and execution standpoint. The marina was over 50 years old and IGY took great care to ensure that this marina was redesigned to be responsive to the market and the evolving sizes of vessels both for today and for the next 50 years. IGY worked with us to ensure that all the critical customer touchpoints were addressed and that the uniqueness of the marina was maintained, all while making sound cost-benefit recommendations. IGY was able to institute a phasing plan that allowed a portion of the marina to stay open throughout construction which was very important to our customers. We are very pleased that IGY and ORION were able to deliver this project on time and under budget,” said Steven Fass, a principal at Bixby.
With the complete renovation, Maximo Marina can welcome over 200 vessels in wet slips, where 142 are covered and 58 have lifts. The marina can also accommodate an additional 88 vessels with inside storage racks, and 200 in outside dry storage racks.
IGY Marinas continues to be well-known in the industry as a leading marina operator, redeveloping and operating marinas around the world.