Validus Group Acquires 123,000 SF Shopping Center in Dalton, Georgia
PRLog
Published: November 5, 2015
TAMPA, FL -- Validus Group has finalized the acquisition of Dalton Village, a 123,000 square-foot shopping center in Dalton, Georgia. The property was acquired from New York based real estate firm Cohen Equities for $3.075 million, or $25 per square foot.
Dalton Village marks the third retail shopping center acquisition for Validus in the last twelve months, more than tripling the size of its portfolio. The company now owns over 600,000 square feet of real estate throughout the Southeast.
Built in 2009, Dalton Village is anchored by 35,000 square foot retailer Robinson Salvage. With products ranging from band name clothes to household appliances and furniture, Robinson has built a strong presence in the area and recently completed a 10,000 square-foot expansion.
Other suites in the center range from 1,500 to 10,000 square feet and feature amenities including end-cap space, high ceilings and facades, patio space, and LED signage. David Brightwell, VP of Business Development for Validus Group, cited these features and the ability to offer aggressive leasing terms as key points in maximizing the center's potential.
"We are thrilled to add an asset like Dalton Village to our portfolio," Brightwell said in a statement. "As one of the newest centers in the Dalton market we've already seen a strong amount of leasing interest. The property's design, high traffic counts and visual appeal make it an ideal location for future tenants. The potential there is tremendous and we are excited to get started."
About Validus Group
Validus Group is an investment firm based in Tampa, Florida that develops, owns and manages real estate and real estate related businesses. Other affiliates of Validus Group include Carter/Validus REIT Investment Management Company, LLC, Carter Validus REIT Management Company II, LLC, and Validus Senior Living. Validus Group also serves as the lead investor in Gulfshore Bank, a Tampa Bay area community bank focused on serving small to medium sized companies. Since inception in 2004, Validus Group and its affiliates have formed, acquired or managed companies with assets that have grown to more than $3 billion. The company, through its subsidiary company Validus Group Properties, currently owns a portfolio of over 600,000 square-feet of industrial, flex, office, and retail space across the Southeast. They are actively seeking future investment opportunities in the $5-$15 million range.
TAMPA, FL -- Validus Group Properties, a subsidiary of Validus Group, reported a strong finish to the first half of 2015. Established last year to help manage the leasing, operations, acquisitions and dispositions of Validus Group's real estate portfolio, the company recently released a transaction list totaling over 114,000 square feet of leases. Among the deals reported:
Validus Group Properties Reports Strong First Half of Year Closing Over 114,000 SF of Leases
Newswire
Published: August 13 2015
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Pensacola Fitness expanded its leased space to 18,881 sq.ft. at Eastgate Plaza in Pensacola, Florida.
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Latite Roofing leased 10,200 sq. ft. fully occupying the freestanding flex building located at 5411 Boran Place in Tampa, Florida.
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Skent N' Dent leased 15,000 sq. ft. at Eastgate Plaza in Pensacola, Florida.
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Pride Pools renewed their lease of 5,520 sq. ft. at The Shoppes of Savannah in Savannah, Georgia.
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Supercuts leased 925 sq. ft. at Eastgate Plaza in Pensacola, Florida.
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2B Postal renewed their lease of 1,216 sq. ft. at Eastgate Plaza in Pensacola, Florida.
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Guitar Center renewed their lease of 9,600 sq. ft. at Eastgate Plaza in Pensacola, Florida.
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Spirit Halloween leased 10,135 sq. ft. at The Shoppes of Savannah in Savannah, Georgia.
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Flight Source International, Inc. leased 5,328 sq. ft. at 8100 15th Street East in Sarasota, Florida.
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CiCi's Pizza renewed their lease of 4,880 sq. ft. at Eastgate Plaza in Pensacola, Florida.
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Community Charter School of Excellence renewed their lease of 14,923 sq. ft. at 1401 E. Fowler Ave. in Tampa, Florida.
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WestPoint Home signed new leases of 10,000 sq. ft. at Eastgate Plaza in Pensacola, Florida and 8,320 sq. ft. at The Shoppes of Savannah in Savannah, Georgia.
The company's recent success comes on the heels of a record setting year in 2014.
"In the last year alone Validus Group Properties has tripled the size of our portfolio and added over thirty new tenants to the portfolio's roster," David Brightwell, VP of Business Development for Validus Group and Validus Group Properties released in a statement. "With a pipeline of leases currently being finalized, the company expects momentum to carry over as we enter the second half of 2015."
About Validus Group
Validus Group is an investment firm based in Tampa, Florida that develops, owns and manages real estate and real estate related businesses. Other affiliates of Validus Group include Carter/Validus REIT Investment Management Company, LLC, Carter Validus REIT Management Company II, LLC, and Validus Senior Living. Validus Group also serves as the lead investor in Gulfshore Bank, a Tampa Bay area community bank focused on serving small to medium sized companies. Since inception in 2004, Validus Group and its affiliates have formed, acquired or managed companies with assets that have grown to more than $2.5 billion. The company, through its subsidiary company Validus Group Properties, currently owns a portfolio of over 500,000 square-feet of industrial, flex, office, and retail space across the Southeast. They are actively seeking future investment opportunities in the $5-$15 million range.
Health Care Company Signs Lease To Take Over Entire Building In Sabal Park
Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: April 6, 2015
Validus Group has signed a deal with one of its existing tenants to take over the entirety of a building in Sabal Park.
Electrostim Medical Services, Inc. has signed a lease for an additional 11,825 square feet at 3504 Cragmont Drive, making it the sole occupant of the 58,000 square-foot
building. EMSI, which specializes in home electrical stimulation units and accessories for management of pain and physical rehabilitation, was already in the building.
Its expansion backfills a space recently vacated by a telemarketing company.
At nearly 12,000 square feet, EMSI's expansion is a sizeable one for Tampa Bay. It also illustrates an ongoing trend - blocks of vacant space are quickly dwindling. And while companies like EMSI are expanding, rents aren't yet high enough to justify new construction in most scenarios.
Georgetown Developers Working On Infrastructure Improvements,
Could Signal Development Is Imminent
Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: February 18, 2015
One of the most desirable tracts of vacant waterfront land in Tampa Bay appears to be moving toward development.
The developers of Georgetown, a 162-acre parcel off of South West Shore Boulevard, have filed plans with the city proposing changes to the canal improvement plans for the site.
Christian Tyler Properties, Avanti Properties, DeBartolo Development, and Validus Group are the developers, having bought the land from Bank of American in 2009 for $30.5 million.
Georgetown is a 162-acre waterfront site off of South West Shore Boulevard that's long been targeted for residential development.
A 2014 marketing flyer from DeBartolo says the site is entitled for 2,500 residential units and 90,000 square feet of retail and pitches the location as "perfect for high-end grocery." It says the project is planned for 2016.
The site has been dormant since a Fort Lauderdale developer's plans crashed along with the real estate market.
If a residential development came to fruition, it would mean more residential density in Westshore as well as more property tax revenue. In 2014, the developers told Tampa Bay Business Journal that they were studying the site and market to determine the appropriate density and price points for the the property.
It's a good time to start laying the foundation for a high-end, waterfront development: In 2014, the Bay region's luxury home market saw upticks in value and activity, and there's little new construction in the luxury segment.
Check back as this is a developing story.
Validus Group Secures $20M Bridge Loan From Synovus Bank
Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: February 12, 2015
A Tampa real estate firm has secured a $20 million revolving line of credit to help it move quickly to acquire investment properties.
Validus Group Partners, Ltd. said Wednesday it had secured the bridge financing agreement with Synovus Bank. Validus has worked with Synovus for six years, said David Brightwell, vice president of business development.
"This partnership has provided us with a competitive advantage to close on strategic deals quickly," Brightwell said is a statement. "Synovus Bank has a strong understanding of our businesses and has partnered with us in a variety of ways to support our continued growth."
That growth represents more than real estate deals - it could mean job creation in Tampa, where Validus is based. Its affiliate companies include Gulfshore Bank, Carter/Validus REIT Investment Management Company LLC, Carter/Validus Management Company II LLC and Validus Senior Living.
Validus owns a portfolio of more than 500,000 square feet of industrial, flex, office and retail properties throughout the Southeast. It is actively seeking investments in the $5 million to $15 million range and has recently closed on shopping centers in Pensacola and Savannah, Ga.
Validus Group Reaches Lease Agreement with Latite Roofing
Tampa, Florida
Published: November 24, 2014
Validus Group has finalized a lease agreement with Latite Roofing and Sheet Metal for its property at 5411 Boran Drive Tampa, FL. Jeff Lamm of Cushman & Wakefield represented Latite in the transaction.
Latite Roofing and Sheet Metal offers roof repairs and installation to Ft. Lauderdale, Miami, Tampa, Sarasota, Naples, Orlando and surrounding areas. Established in 1943, Latite has grown into one of the largest roofing companies in the state of Florida.
Validus Group is an investment firm based in Tampa, Florida that develops, owns and manages real estate and real estate related businesses. The company, formed in 2004, currently owns a portfolio of over 500,000 square-feet of industrial, flex, office and retail space across the Southeast. Validus Group has owned the property at 5411 Boran Drive since 2009 and marketed it for only three months before reaching an agreement with Latite.
Validus Group continues to grow its portfolio of retail properties, this time with an acquisition in Savannah, Ga.
Tampa-based Validus paid $4.65 million or $35 per square foot for a bank-owned, 133,000 square-foot retail center in Savannah that's anchored by Beall's Outlet, Rack Room Shoes, Carter's and Dress Barn. LNR Partners LLC was the seller.
Validus has renamed the center - formerly known as Savannah Festival Outlet Center - the Shoppes of Savannah and is planning to make the capital improvements necessary to revitalize the center.
Tampa firm snaps up bank-owned retail center in Georgia
Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: October 27, 2014
"With a new name and renewed attention we look forward to maximizing the potential of The Shoppes of Savannah," Validus spokesman Steve Montalvo said in a statement. "As our first acquisition outside of Florida, we see this center as being critical to our expanding presence throughout the Southeast."
The acquisition comes on the heels of Validus' purchase of another underperforming center in Pensacola, which it also bought from LNR.
Validus Group has closed on a 180,000 square-foot shopping center for $8.95 million.
Validus, a Tampa-based real estate investment firm, said Tuesday that it acquired Eastgate Plaza from a lender, South Florida based LNR Partners LLC.
Eastgate Plaza is anchored by a Winn-Dixie, Powerhouse Gym, ITT Technical Institute and Guitar Center. More than $3 million was recently invested in the property, and Validus plans to invest more, said David Brightwell, vice president of business development.
Tampa firm acquires Pensacola shopping center, ramps up retail portfolio
Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: October 15, 2014
"We look forward to the opportunity to invest the necessary capital into this property and lease it up to its full potential," Brightwell said in a statement. "In addition to Eastgate Plaza, we have another property under contract in a different market which we hope to announce by the end of the month. We are excited about the rapid growth of our portfolio, on a local and national scale."
Plum Georgetown site expects development
Eric Snider
Tampa Bay Business Journal
Published: March 31, 2014
A 162-acre tract in south Tampa that’s widely regarded as the most desirable residential development property in Tampa Bay could see some action this year. So says Kirk Eicholtz, managing member of Christian Tyler Properties, which is one of the owners of the former Georgetown Apartments, situated between Westshore Boulevard and Old Tampa Bay.
“When we acquired [the property] in 2009, it was with the absolute intention of letting the market come back to us,” he said. “National homebuilders now are acquiring a lot of property in this market, and we’ve gotten a lot of interest in Georgetown, the cherry of them all. I wouldn’t be surprised to see some activity this year on that site.”
During its nearly five-year fallow period, Georgetown has become rather jungle-ish, with trees jutting above the surrounding chain link fence. That’s largely because the ownership group has not been over-eager to sell.
In October 2009, Christian Tyler Properties teamed with DeBartolo Development, Avanti Properties and Validus Group to purchase the property from Bank of America for $30.5 million. They got a deal.
Four years earlier, the Motta Group of Fort Lauderdale paid $125 million for the site, then went into foreclosure.
Marvin Shapiro, president of acquisitions for Avanti Properties, confirmed increasing interest among developers about Georgetown, but said “it’s not been substantial enough for us to decide to sell.”
About 120 acres of the Georgetown property could be developed into single-family homes or condo towers with waterfront views. The tract is also entitled for a 189-slip marina.
“You have to figure out how to make the market mix work,” Eicholtz said. “How high end do you go? What level of density? Answers to those questions are just now beginning to come about.”
Validus Group enters credit deal with Synovus Bank
Mark Holan
Tampa Bay Business Journal
Published: July 8, 2013
Validus Group Partners Ltd. has entered into a new revolving line of credit arrangement with Synovus Bank to provide up to $10 million for its house portfolio.
“Synovus Bank has had a strong relationship with Validus Group for the past five years and has seen our growth firsthand,” Vice President of Business Development David Brightwell said in statement. “They have an existing understanding of our businesses and have partnered with us in a variety of ways to support our continued overall growth.”
Tampa-based Validus Group is a private investment management firm that develops, owns and manages real estate and real estate related businesses. Since inception in 2004, Validus Group and its affiliates have formed or acquired companies with assets that have grown to more than $750 million.
Developers call Georgetown 'once in a lifetime' parcel
Janet Leiser
Tampa Bay Business Journal
Published: October 12, 2009
The economy and real estate market might bounce back in three years or it could take another five years, but either way developers Kirk Eicholtz and Ed Kobel believe they made the right choice in buying the Georgetown Apartments land.
“It’s a piece of property that comes along once in a lifetime,” said Eicholtz, managing member of Christian Tyler Properties LLC in Tampa.
Kobel, president and COO of DeBartolo Development, realized the value of the 153 acres on Tampa Bay about seven years ago, back when his brother, Edward DeBartolo, pointed it out as the best parcel on Florida’s West Coast.
The developers — joined by Tampa’s Validus Group, owned by Mario Garcia, and the Avanti Acquisitions Co. LLC, a Canadian real estate investment firm with a Winter Park office — paid $30.5 million on Oct. 2 for the land.
Bank of America, lead lender on behalf of four other banks, had foreclosed on the property in December 2008 after Fort Lauderdale’s Motta Group and Chicago’s Walton Street Fund defaulted.
“We think it’s a great time to invest in America, to be a real estate investor,” Kobel said. “Real estate is on sale.”
Motta’s prior ownership group possibly spent as much as $160 million on Georgetown, including the $125 million price and entitlement costs, Eicholtz said.
As much as half of Georgetown’s waterfront acreage is expected to become a passive park giving the public access to the Bay, Eicholtz said. At the behest of Mayor Pam Iorio, the Trust for Public Land is expected to buy the property to later transfer to Hillsborough County.
The 600-plus apartments built in the 1960s by developer Ralph Kaul will be razed since the weather has caused deterioration not readily fixed.
“We ran into a lot of roadblocks with the costs in bringing them up to code,” said Eicholtz, who partners on many real estate deals with attorney Guy Burns of Johnson Pope Bokor Ruppel & Burns LLP.
Time to buy right
Eicholtz, nor Kobel, are ready to call the bottom for the residential real estate market, although there have been positive signs such as increased home sales in recent months.
“Is it the very bottom? Who knows?” Eicholtz said. “It’s a great time, if positioned properly and done with discipline, to buy the right assets.”
For every deal Eicholtz chases, he said there are at least another 20 he passes on.
Garcia, who also is the owner and CEO of EMSI and chairman of GulfShore Bank, said patience is key in the Georgetown redevelopment.
“We didn’t get into this thinking it’s going to happen tomorrow,” Garcia said. “We’ve been sitting on the sidelines for some time.”
The residential real estate market must gain traction before the new owners can determine what type of residences it will build, as well as how many, Kobel said. It also depends on how much land is made into a park.
Brokers involved in the deal include Bruce Erhardt and Derek Pettigrew of Cushman & Wakefield of Florida Inc., as well as Bill Eshenbaugh, who worked on behalf of the new owners.