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.
Resource Apartment REIT III, Inc. has purchased The Park at Kensington, an apartment community located in the prospering and growing market of Tampa, Florida. The 204-unit community features resort-style living with a multi-level pool, newly renovated clubhouse, lakeside BBQ area, and tennis court.
The prime location of The Park at Kensington offers residents access to restaurants, retailers, banks, and over 47 million square feet of office space. Being within 15-minutes of downtown Tampa, the property is surrounded by popular entertainment destinations such as Bass Pro Shops, Dave & Buster’s and Topgolf.
In 2017, the Tampa/ St. Petersburg Metropolitan Area saw an increase in opportunities for young professionals with the addition of over 35,000 jobs. The REIT strives to purchase quality apartments in high-demand areas, with surrounding amenities that renters are looking for. The Park at Kensington, with its suburban location, is in an area experiencing fast growth in infrastructure and employment opportunities.
The REIT is sponsored by Resource Real Estate, LLC, a subsidiary of C-III Capital Partners LLC. C-III Capital is a fully integrated asset management and commercial real estate services company led by Andrew Farkas.
C-III Asset Management, a subsidiary of C-III Capital Partners, recently facilitated a purchase made by Grubb Properties at 12701 Fair Lakes Circle, Fairfax, Va. This is the first time Grubb has purchased property in the Washington, D.C. metro area. The property is also known as Argon Plaza and is within close proximity to Fair Oaks Mall. C-III Capital Partners is under strong leadership and guidance, with Andrew L. Farkas being both the CEO and Chairman of this company.
The purchase made by Grubb Properties amounted to $38.8 million total and was sold by the U.S. Bank. A subsidiary of C-III Capital Partners, NAI Global, brokered the purchase with HFF. NAI Global is a real estate broker and is also under the leadership of Andrew Farkas’ company, C-III Capital Partners.
Argon Plaza was built in 1988 and is comprised of a 10-story building. The property is also 275,000 square feet and is also occupied by The Boeing Company, and will remain at this location for at least the next five years. The area surrounding Argon Plaza offers plenty of access to retail, cafes and eateries and it also in close proximity to Interstate 66 and Route 286. Both roads are used regularly by commuters in the Washington, D.C. area.
C-III Capital Partners and NAI Global are pleased to have helped Grubb Properties make its very first purchase in Northern Virginia. The Washington, D.C. area is an ideal location for property investment due to easy public transportation access and plethora of nationally known companies. Under the guidance of Andrew Farkas, both C-III Capital Partners and NAI Global will continue to assist real estate companies in purchasing properties with great potential.
Resource Apartment REIT III, Inc. has announced on February 12, 2018 that it has agreed to buy Tramore Village, which is located in Austell, Georgia. This area consists of a 324-unit apartment community located right outside of Atlanta, Georgia. Resource Apartment REIT III, Inc. is a company owned by C-III Capital Partners LLC, which is one of the many real estate companies owned by Andrew L. Farkas.
Austell is a submarket of Atlanta that is growing very rapidly, thanks to its proximity to Atlanta. Residents of Tramore Village have access to over 300,000 jobs as well as several medical facilities in the surrounding areas of the apartment complex. This makes the purchase an ideal acquisition for C-III Capital Partners LLC, as well as a growing asset to Andrew Farkas’ company.
With Atlanta, Georgia being as well known as it is, there are several notable companies that have opened up offices right by Tramore Village. Some of these companies include but aren’t limited to AllState Insurance, Vonage Solution, and Wellstar. Residents can access these companies in addition to surrounding health care facilities via public transportation.
C-III is always looking for new opportunities to invest in properties around the country. An example of a similar purchase this company made occurred in December 2017 in Lakewood, a submarket located in Denver, Colorado. Although this purchase was to acquire office space and not an apartment complex, it is also a rapidly growing area in Colorado that offers ample of public transportation, just like Austell.
C-III Capital Partners, LLC acquired Resource Apartment REIT III, Inc. in 2016 and has utilized the company to make purchases such as Tramore Village in up and coming urban areas ever since. C-III owns several other well-known subsidiaries like NAI Global, Real Capital Markets, US Residential Property Management, and many more. The purchase of Tramore Village will continue to push C-III Capital Markets in a positive direction under the leadership of Andrew Farkas.
Resource Credit Income Fund, also known as the Fund, released its quarterly distribution from the end of 2017 earlier this year. Resource America, Inc. is owned by C-III Capital Partners LLC, which is owned by Andrew L. Farkas. Andrew Farkas is a leader in the real estate in commercial industry, and even owns other well-known companies such as Island Capital Group (ICG).
The Fund reported a distribution of 6.3% as of December 31, 2017. More specifically, the quarterly distribution was $0.175 per share. Altogether, there has been a total return of 24.3% between April 17, 2015 and December 31, 2017.
Although past performance typically doesn’t indicate future performance, Resource America, Inc.’s growth and overall worth has been impressive this past year. This can be seen in the fact that C-III Capital Partners, LLC obtains $8.7 billion in debt assets and real estate.
As CEO of both C-III Capital Partners and Resource America Inc., Andrew Farkas is constantly investing in new opportunities that will allow these companies to growth as reported by the Fund. Examples of how he has achieved this are with his acquisitions of property throughout the country, whether it be commercial or real estate.
Resource America Inc. has obtained 17,000 multifamily units across 20 different states. Platforms include nationally recognized real estate companies like Resource Real Estate and Resource Capital Corporation. Liquid alternatives include Resource Real Estate Diversified Income Fund and Resource Credit Income Fund.
Andrew Farkas currently serves as Chairman and CEO of both C-III and Resource America Inc., the latter of which he also serves as President. Andrew Farkas’ push for success is evident in the positions he currently occupies in both companies. He will continue to see that C-III and Resource America Inc. see steady growth in the upcoming year.
C-III Capital Partners and NAI Merin Hunter Codman just secured an office building located in Sunrise, Miami. This acquisition was finalized at $19 million in October 2017.
The office building, named International Place II, is located at 1580 Sawgrass Corporate Parkway. It was previously owned by Realty Associates Fund VIII, a company based in Boston, Massachusetts. The property was built in 2000 and has several modern features including impact glass windows and an updated common area. International II itself is located on a 7.4-acre lot in the Sawgrass International Corporate Park.
The office park currently consists of well-known companies such as Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox, and TicketMaster. A warehouse was purchased in 2015 from a medical equipment manufacturer. It is currently unclear what C-III Capital Partners has planned for International II.
C-III Capital Partners owns properties around the country in various cities, including New York, Denver, and Dallas. The purchase of International II solidifies both C-III and Andrew Farkas’ long-term goal of being an industry leader in the world of real estate. Already a philanthropist and strong supporter of various charities, Andrew Farkas continuously strives to do what is best for his company and other organizations. The purchase of International II reaffirms C-III and Andrew Farkas’ gratitude for being able to help other communities thrive and prosper.
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