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.