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Bethlehem


PA
SOLD: Philadelphia firm buys downtown Bethlehem building for $4.5M

One of Bethlehem’s historic buildings recently sold for $4.5 million.

Northern Park LLC, a real estate investment firm in Philadelphia, bought The Farr’s Building at West Broad and New streets in downtown Bethlehem from Farr’s Development.

Dev Chanchani, president of Northern Park, said his company, Aspen Park Properties LLC, an investor partnership, bought the property as a way to reinvest in the Lehigh Valley. He does not plan any immediate changes.

“Plans are to make sure the tenants stay happy,” Chanchani said. He said he also plans to retain the local management company, Equinox Property Management.

Farr’s Development, the owners of the property, hired Allied Building Corp. to renovate the building and opened it in 2012 with 24 apartments. Merchants Bank, a commercial tenant on the ground floor, opened a branch in 2013.

Lisa Pektor, president of PennCap Properties, is part of the Farr’s Development investor group. The apartment portion of the property had a high occupancy since the units were completed in 2012, she said.

Though a deal to have Irish restaurant chain Molly Brannigans open a location in the vacant space on the property’s New Street side fell through several years ago, the buyer hopes to secure a tenant for that space.

“We are very focused on finding the right tenant for that space,” Chanchani said. “That space has been vacant for some time. I think it would be great for a professional firm. One that doesn’t necessarily need the parking that retail would need.”

Kevin Cain, managing director of KW Commercial of Bethlehem Township, represented the buyer in the transaction.

Fitzpatrick Lentz & Bubba of Upper Saucon Township was the attorney that represented the seller. ALT Realty of Bethlehem was the leasing representative at the property that achieved the high occupancy rate in the apartments, according to Pektor.

Chanchani was the founder and CEO of INetU, a technology company in Hanover Township, Lehigh County, that he sold in 2015.

Sold by: Kevin Cain

St. Petersburg


FL
SOLD: As Miami developers buy up St. Pete real estate, the long-awaited Edge District parking garage is closer to reality

A Miami developer’s acquisition of prime property in St. Petersburg’s Edge District is paving the way for the urban neighborhood’s long-awaited parking garage.

Tricera Capital has paid $3.65 million for 1.25 acres at the corner of First Avenue South and 11th Street South, directly across the street from Tropicana Field. The property is part of an assemblage that the owners of Datz Restaurant Group, Roger and Suzanne Perry, put together in 2017 as a home for their new concept, Dr. BBQ.

The Perrys have entered a sales-leaseback agreement for the Dr. BBQ property with Tricera, which is under contract to acquire the remaining three-tenths of an acre that’s left of the site. That deal should close in June, said Jon Wittner, managing director of KW Commercial.

Wittner and KW agent Jake Wollman represented the Perrys in the transaction; Jon Reno La Budde, also of KW Commercial, represented Tricera.

The deal means more than a new landowner in the Edge District: Tricera has also acquired another developer’s rights to build a mixed-use project that includes dedicated public parking on the site in a joint venture agreement with the city.

Wittner, whose team is working with Tricera, said the group is still considering its options for the site but that it could include up to 25,000 square feet of retail and potentially a new hotel.

The Edge District has boomed in recent years, with new development and indie businesses filling old storefronts. But developers and city agree that the neighborhood’s growth will be stunted by limited parking in the area.

In December 2017, St. Petersburg City Council endorsed a term sheet deal with Atlanta-based Tribridge Residential LLC in which the city would pay up to $6.4 million for the construction of 211 to 243 public parking spaces ($26,500 per space) on a portion of the land the Perrys assembled.

The Edge District is part of a tax increment financing district, a special designation that allows tax revenue generated in the district to be spent only on improvements there. That’s how the city would fund those public spaces, said Evan Mory, transportation and parking management director.

Sold by: Jon Wittner and Jon La Budde and Jake Wollman

Wellington


FL
LEASED: International Equestrian Firm Jean-Michel Devoucoux Enters The Palm Beach Market

KW Commercial, a leading presence in South Florida’s commercial real estate market, announced today that it recently completed a new 10,6320-square-foot industrial office lease on behalf of Jean-Michel Devoucoux, Inc., the world’s leading equestrian saddlery apparel manufacturer. The French-based company will occupy a newly constructed freestanding building on a private campus located at 3040 Fairlane Farms Road in Wellington, Florida, the well-known equestrian epicenter of Palm Beach County.

The lease brings 100-percent single tenant occupancy to the nearly completed building months before delivery of the final Certificate of Occupancy. The property, which was initially built to accommodate four individual businesses, provides immediate access to the heavily traveled Route 441, the world-renowned International Polo Club and other equestrian-oriented facilities in Wellington. Wellington Land Development, LLC purchased the property in 1998 and only recently determined the market readiness for absorption of new leasable space in Wellington’s premier office and industrial park.

“This speculative construction and the immediate lease-up of the entire property before completion is a testament to the strength of Palm Beach’s commercial market and illustrates the shifting allocation of capital towards industrial-retail hybrid properties over traditional retail property models,” stated Brad Kuskin, Managing Agent of Keller Williams Commercial Real Estate in Jupiter, FL. “It’s commonly understood that online retailers are shaping the future of commercial property development, but what many investors are learning is that not all online retail stems from Amazon and Wal-Mart. Many smaller online retailers like Devoucoux require a hybrid of showroom, office, warehouse, customer service, and distribution space for increasing online sales in a growing economy. Many local developers and landlords are shifting to address the dynamic requirements of smaller corporate tenants.”

Devoucoux, Inc. will occupy the freestanding building and all 2.43 acres of the property for an initial lease term of 10-years, although the building’s ideal location and prominence in the Wellington market spurs Devoucoux’s CFO Sandra Gotts to indicate the firm’s intention to remain at the property for all 15 years represented by the corporate lease. The interiors of the building benefit from 20% fully air-conditioned office and showroom, along with 80% customer service, warehouse, and light manufacturing for the saddlery firm. The building at 3040 Fairlane Farms Road features unique floor configurations permitting numerous showroom and office spaces, combined with flexible floor plan arrangements, and a high ratio of windows, providing for a retail experience in an industrial building. The property also boasts more than 1 acre of paved parking and fenced storage for the firm’s various show trailers and delivery vehicles.

Devoucoux is accepting delivery of the building as a warm-vanilla shell and intends to invest significant capital in establishing the new location as a representation of its luxury brand. Devoucoux operates similar facilities in New York and California in addition to its corporate headquarters in France.

KW Commercial Managing Agent Brad Kuskin represented Jean-Michel Devoucoux, Inc. in the transaction. Principal Broker Kevin Shapiro of Chancellor Property Group represented the developer.

Sold by: Brad Kuskin

Los Angeles


CA
SOLD: NNN Sells Prime LA McDonald’s Location to Burger Joint for Double the Usual Value

Giovanni Oliva and Mike Knudsen of the NNN Properties Group, previously with the Stan Johnson Company, have sold a McDonald’s location in the Echo Park area of Los Angeles to the burger giant for a whopping $4.8 million—double what a property deal of this type usually goes for—early last week Commercial Observer has learned.

The single-tenant ground lease property at 405 North Alvarado Street owned by Bayham Trust was put on the market for the first time in more than 20 years, with four-and-a-half years remaining on the ground lease. McDonald’s Corporation ultimately exercised its right of refusal, matching and thwarting the offers of several suitors looking to scoop up the small 2,513-square-foot building (with a profitable drive-thru in car-centric L.A.), but high-visibility property, situated on a 20,000-square-foot lot at the cross streets of North Alvarado and West Temple.

Oliva and Knudsen represented the family trust. McDonald’s was self-represented. McDonald’s did not immediately respond to a request for comment.

“It’s generational real estate,” Oliva said. “You’ve got trustees that owned it and had an emotional attachment. They’re not necessarily active net lease investors and they were concerned with leaving money on the table, so we went out at a very aggressive cap rate, a 3 percent cap. The closest market comp they could find was a McDonald’s property in the San Fernando Valley that sold for a 3.27 cap rate, but the tenant had recently signed a 20-year lease. The big thing was there were only four years left on the lease and that presents risks for the investor. Are they going to sign a new lease or vacate and, if they vacate, who are you going to put in?”

Despite the odds and challenges of putting it on the market during Thanksgiving and the subsequent holiday season and subsequent rising interest rates, they stayed the course.

“We got multiple offers, but we knew what the property was worth. We thought McDonald’s would buy it because of the intrinsic value of the real estate. The signage is huge. That alone from a business point of view is big, big marketing for these guys,” Oliva said.

Sold by: Giovanni Oliva and Mike Knudsen

Cypress


TX
SOLD: Singh Commercial Group arranges the Sale of DaVita Dialysis Clinic in Cypress (Houston), Texas

San Antonio, TX – Singh Commercial Group at KW Commercial announced it has arranged the sale of DaVita Dialysis Clinic located at 18003 Longenbaugh, Cypress (Houston), TX. The brand new location provides kidney dialysis services, and consists of approx 10,000 SF square feet housing 23 patient stations, plus 1 private station located in a separate room. Houston is the largest city in Texas, the 4th largest in the United States and 63rd largest MSA in the World.

Rupani Properties LLC acquired the brand new, state-of-the-art Dialysis clinic from the developer for an undisclosed price “to purchase as a diversified investment in our portfolio, said Ashok Rupani.  What attracted us was the new 15 year NNN lease terms that was guaranteed by scheduled rent increases, renewal options and lease guarantee by Fortune 500 publicly traded company. Rav Singh with KW Commercial and Neelam Kinger with CB Harper represented the Buyer and Jay Patel with Cushman & Wakefield represented the Seller.

Sold by: Rav Singh, CCIM

San Marcos


TX
SOLD: Singh Commercial Group arranges the Sale of Homewood Suites by Hilton in San Marcos, Texas

San Antonio, TX – Singh Commercial Group at KW Commercial announced it has arranged the sale of Homewood Suites in San Marcos TX located at 451 Barnes Drive, San Marcos, TX, minutes away from 2 outlet malls and Texas State University.

Minhas Ladiwalla with Mid Continent Hospitality acquired the hotel from BH Hospitality Management for an undisclosed price. “What attracted us to the bustling San Marcos I-35 corridor was not only the strength of the market, but also the strength of the Homewood Suites by Hilton brand. We feel this all suites flag is the leader in the industry and we look forward to serving our leisure and business customers” said Minhas.

Sold by: Rav Singh, CCIM