CORFAC News

Falls Church, VA (May 12, 2014) – CORFAC International 2014 President Robert Tillsley, SIOR, announced three transactions that CORFAC affiliates completed in April.

Philadelphia, PA: Lawrence A. Doyle Jr. with Arlington Group Real Estate/CORFAC International brokered the acquisition of Island View Crossing, a 179,673-square-foot office building located at 1414 Radcliffe St. in Bristol, PA.

The office building was bought for $12.5 million, or $70 a square foot, by a partnership involving Red River Asset Management of New York and Arlington Group Real Estate of Conshohocken, PA, the latter of which Doyle is a principal. Lenox Corp. is a major tenant in the building and just signed an 11-year lease extension on 100,000 square feet at the property. Arlington Group Real Estate is the leasing agent on the building. Doyle’s group plans to rename the property the “Lenox Building.” Other tenants include Strategic Distribution Inc. and a regional office for Staples.

Atlanta, GA: Sim F. Doughtie, SIOR, CCIM, MCR, SLCR and President of
King Industrial Realty / CORFAC International represented Rooker, an Atlanta-based developer, in the acquisition of Shannon Mall, a 90-acre shuttered shopping center in the Atlanta suburb of Union City. Rooker plans to demolish the mall and build up to 1.2 million square feet of warehouse, distribution and logistics facilities that will target eCommerce occupiers.

The deal was conceived and engineered by Doughtie, who first approached Union City Mayor Vince Williams (before Williams became Mayor) with the idea, pointing out that eCommerce centers generate new jobs that will pay better than retail jobs. Williams embraced the idea and worked with Union City officials to get the zoning changed from retail to commercial to enable the sale.

Additional complications that Doughtie overcame during the sale process included getting all three mall property sellers to agree to terms. Rooker purchased the 90-acre property, which included 10 acres of outparcels from several owners, including Lee Group USA, MB-REO Retail MB-REO Land and Sears, Roebuck and Co. Inc., one of the mall’s former anchors. The property is located southwest of Atlanta in Fulton County near I-285 and approximately 10 minutes from Hartsfield-Jackson Atlanta International Airport, one of the busiest airports in the United States.

Chicago, IL: In a referral from Mike Carlson of Sansone Group/CORFAC International in St. Louis, John Homsher, CCIM, with Podolsky|Circle CORFAC International, represented Kelly Mitchell Group in a 6,212-square-foot office lease at 321 N. Clark in Chicago. The space offers views of the Chicago River and CBD. St. Louis-based Kelly Mitchell Group is a premier technology consulting company dedicated to matching the most qualified IT professionals with top organizations nationwide. Carlson has represented the company for more than a dozen years.

About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. The network of affiliated companies has 12 offices in California, 61 in North America and market reach in 60 countries worldwide. In recent years, CORFAC firms have completed transactions annually totaling more than 426 million square feet worth of space and in excess of $6.9 billion. www.corfac.com.