Category: Press Releases (Page 1 of 5)

North Signal Capital and Westport Capital Partners Break Ground on Dean Forest Commerce a 450,000 SF Industrial Park in Savannah, GA

Located seven miles from the Port of Savannah

Delivery is expected in December 2019

CBRE will be the leasing representative

Savannah, GA, January 31, 2019 – A joint venture owned by North Signal Capital LLC and a fund managed by Westport Capital Partners LLC, broke ground today on two of the last developable sites within 10 miles of the Savannah port. The Joint Venture completed its acquisition of the land on October 31, 2018 and plans to develop two industrial buildings, 355,000 SF (Site 1) and 88,000 SF (Site 2), respectively.

See the details and site plans here: deanforestcommerce.com

Both Site 1 and Site 2 are designed as multi-tenant distribution buildings. Site 1 will be aimed at tenants with space requirements between 100,000 SF and 250,000 SF while Site 2 will be aimed at tenants with space requirements between 20,000 SF and 50,000 SF. Both buildings are expected to be delivered in late 2019.

“We are pleased to partner again with North Signal Capital our third transaction together in three years,” said Russel Bernard, Managing Principal, Westport Capital Partners LLC.

“We are excited to support the continued development of the Savannah region’s vital role as the gateway to the Southeast U.S.,” said Sean Armstrong, Principal and Portfolio Manager, Westport Capital Partners LLC.

“The sites are just seven miles from the Georgia Ports Authority, home of the 4th largest and fastest growing port in the nation. The opportunity to deliver highly attractive total occupancy costs to tenants in a market with sub 1% industrial vacancy rate drove our investment,” said Peter Goulding, Partner, North Signal Capital LLC.

North Signal is likely to partner again with Evans General Contractors, Thomas & Hutton and LS3P to construct the buildings. Bill Sparks and William Lattimore of CBRE Savannah will represent the Joint Venture in marketing Dean Forest Commerce to potential tenants.

“The partnership made a smart investment. The Dean Forest Distribution Park should ‘check all of the boxes’ for tenants requiring anywhere from 30,000 SF up to 350,000 SF. The location is ideal only seven miles from the port with easy access to I-95 and I-16. The buildings will be true Class A facilities with modern design elements to support our tenants. We are excited to be a part of this project,” said Bill Sparks, Senior Vice President with CBRE.

About North Signal Capital LLC: North Signal Capital LLC is a real estate investment and development firm with offices in Stamford, CT and Charleston, SC. North Signal seeks to maximize risk-adjusted returns by employing a value-based approach to real estate investing. North Signal targets investments supported by long term secular trends including the growth of e-commerce and population growth within the Southeastern US. For more information regarding North Signal Capital LLC, please visit www.northsignalcapital.com.

About Westport Capital Partners LLC: Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California, Wilton, Connecticut, Bozeman, Montana and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.

Rare New Construction Asset in Santa Barbara Sold by IPA

SANTA BARBARA, Calif., Dec. 21, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Marc, a new-construction, luxury 89-unit multifamily asset with a retail component in Santa Barbara, California. The asset sold for $56.2 million.

“The Marc is the only institutional-quality multifamily property to be built in Santa Barbara in the last 40 years, which makes it a scarce commodity in a highly sought-after but severely under-supplied city,” said Greg Harris, IPA executive director. “The median price of a single-family home in Santa Barbara is around $2 million, which means there is a huge affordability gap between monthly mortgage payments and average in-place rents at The Marc.”

Harris, Ron Harris, IPA executive director, and Kevin Green and Joseph Grabiec IPA senior directors, represented the sellers, a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners LLC. The buyer is Realty Center Management, Inc.

“We were very pleased to have delivered the first new, fully amenitized, high-end multifamily project in the city of Santa Barbara,” added Russel Bernard, managing principal at Westport Capital Partners.

Built in 2017 on State Street, one of Santa Barbara’s primary thoroughfares, The Marc is within walking distance of an array of retail amenities, dining options and boutique stores and is proximate to employers in Greater Santa Barbara’s medical, tech, aerospace and energy and environmental industries. Notable area employers include Santa Barbara Cottage Hospital, the University of California, Santa Barbara, Sonos, LinkedIn, Citrix Systems, Deckers Brands and Zodiac Aerospace.

“More than 60 percent of Santa Barbara’s residents live in renter-occupied housing and The Marc attracts premier tenants,” commented Ron Harris. “Over half of the residents report annual incomes of more than $150,000.”

The 78,166-net-rentable-square-foot building has panoramic views of the Santa Ynez Mountains and 2,500 square feet of ground-floor retail. The Marc’s California Green Building Standards Code-rated design includes dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective, low-heat roof.

“Santa Barbara residents’ average annual household income of more than $100,000 make it the most affluent city in the county,” commented Green, “and incomes are expected to grow 14 percent over the next five years.”

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With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.

www.IPAusa.com

About Westport Capital Partners LLC: Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California, Wilton, Connecticut, Bozeman, Montana and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.

About The KOR Group:  The Kor Group is a fully-integrated lifestyle real estate investment, development and management firm led by Brad Korzen and Brian De Lowe, with over $3B in closed and active developments since its inception.   Kor primarily employs value-add and opportunistic strategies to generate above average, risk-adjusted returns for its investors. Its expertise spans ground-up construction, adaptive reuse, value-add acquisition and repositioning projects.  The LA-based firm has offices in Santa Monica, California, San Francisco, California, and Austin, Texas.  For more information, please visit www.thekorgroup.com.

North Signal Capital and Westport Capital Partners Announce 340,000 SF Build to Suit within North Pointe Commerce Park

Charleston, SC, March 2, 2018 – West-Signal, a joint venture owned by an affiliate of North Signal Capital LLC and a fund managed by Westport Capital Partners LLC, in coordination with, the South Carolina Department of Commerce and Berkeley County Economic Development is pleased to announce the commencement of construction on a 340,000 square foot build-to-suit warehouse and production facility for Science Applications International Corporation (SAIC) within North Pointe Commerce Park. SAIC is a leading technology integrator in the engineering, technical and information technology markets primarily serving the U.S. federal government.

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10700 and 10800 Geddes Change Hands, Transformation Underway

Westport Capital Partners Invests in Second Denver Asset

DENVER, November 2, 2017 – An entity owned by a fund managed by Westport Capital Partners LLC, a real estate investment firm, has acquired 10700 and 10800 East Geddes Avenue in Englewood, Colorado, from Colony Northstar, Inc. The 185,957 square foot two-property office center is located east of the Interstate 25 and Dry Creek interchange in the Inova Dry Creek Business Park. Ryan Stout, Nate Bradley and Zach Williams of Cushman & Wakefield have been hired as the exclusive leasing agents for the office property.

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The Mix at River’s Edge Begins Phase One of Master Plan

Provo, Utah (Oct. 25, 2017) – Westport Capital Partners LLC, an international real estate investment firm, today announced that its project The Mix at River’s Edge is moving forward with phase one of its Master Plan early next week. Demolition and removal of many existing buildings starts the process, focusing on Lolo’s, Big O Tires, Taco Time, and Kyoto restaurant.

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Condyne and Westport Capital Partners Acquire Brookwood Business Center

Transwestern Consulting Group (TCG) today announces it brokered the sale of Brookwood Business Center at 101 Billerica Ave. in Tewksbury and Billerica, Massachusetts, on behalf of Brookwood Financial Partners, LLC. The six-building, 448,707-square-foot park was purchased by a joint venture partnership between Condyne Capital Partners and a fund managed by Westport Capital Partners LLC.

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Store Here Completes Transaction of 27 Properties Across 6 States

Orange, California October 19, 2017 – Store Here, LLC, a joint venture between certain affiliates of Westport Capital Partners LLC (“Westport”) and Store Here Management LLC, has sold 27 assets in Colorado, Georgia, Louisiana, Indiana, Kansas and Texas.

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North Signal Capital and Westport Capital Partners purchase two sites at North Pointe Commerce Park

Approximately 250,000 square feet of Class A Industrial with an expected delivery of September 2018. Colliers International is expected to act as owner’s leasing representative.

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Newcastle Partners/Westport Capital Partners Joint Venture Acquires 40,000-Square-Foot Creative Office in West Los Angeles

San Francisco, CA (July 7, 2017) – Newcastle Partners, a West Coast-based full-service commercial real estate investment and development company, in connection with Westport Capital Partners, a real estate investment firm specializing in distressed, opportunistic and core plus real estate investing, has announced the formation of a Joint Venture[1] for the acquisition of a two-story creative office building located at 5830 Rodeo Road in Los Angeles. The Joint Venture acquired the 40,000-square-foot office building from a commercial property user who has owned the building for approximately 30 years and is planning a full -scale renovation of the property.  First Property Corporation, Mike Geller and Josh Bernstein, will handle the leasing assignment with Shubin Donaldson and Del Amo Construction executing the property repositioning.

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Westport Capital Announces Tenant for New Sugar House Development

SALT LAKE CITY – Westport Capital Partners, on behalf of certain funds it manages, today announced a lease with University of Utah Health for the investment firm’s new Sugar House development located at 2290 South 1300 East. U of U Health will occupy one of two office buildings in the new project as the sole tenant of 170,000 square feet in the building on the southeast corner of the development.

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