Select Strategies Acquires Historic Downtown Building

By   – Senior Staff Reporter, Cincinnati Business Courier

Select Strategies Realty, a commercial real estate company that manages and leases retail assets in 10 states as well as office and multifamily assets in Ohio and Kentucky, has made its first acquisition of a downtown Cincinnati property.

Select Strategies Realty purchased the building at 21 W. Court St. and plans to renovate the building into first-floor retail space topped by three floors of creative office space. Brian Neltner, CEO of Select Strategies Realty, said the firm was attracted the property because of the 1010 On the Rhine developmentthat includes downtown’s first Kroger store in 50 years, and Cincinnati Center City Development Corp.’s $9 million Court Street condos project.

“There’s a lot of excitement on Court Street right now,” Neltner told me.

Select Strategies Realty purchased the building from Towne Properties on June 24 for $500,000, according to property records. Towne Properties had purchased the building from Chinedum Ndukwe’s Kingsley Property Development in 2015 for $400,000. Towne Properties had been looking at converting the building into large residential condominiums.

The four-story building has wide open 6,000-square-foot floorplates, plus about 6,000 square feet of usable space in the basement. With those larger floors, Neltner said it will give a retail or restaurant user the ability to do something larger than what is typically found in Over-the-Rhine.

Having owned the building for about a week, Select Strategies Realty has already received a lot of interest in the first floor retail space. A number of bars and restaurants, including Queen City Exchange, Fiery Hen and Court Street Lobster Bar, are nearby.

As for the office space, Nelter said they will take advantage of the open spaces and high ceilings, with big front windows that look out onto Court Street.

“It will have a cool, urban feel to it,” Neltner said.

The building is well-located for office users, Neltner said, especially for firms that want to be close to Kroger, the court house or Hamilton County’s Administration Building.

Select Strategies Realty, founded in 2005, specializes in the development, acquisition, management and leasing of retail and mixed-use real estate in the Midwest and Southeast. Select has sponsored retail investments totaling more than $175 million and provides management and leasing services for more than 5.6 million square feet of retail space.

If the Court Street building is successful, Neltner said the company would “absolutely” look at other downtown opportunities.

RealCrowd – Real Estate Investing Podcast

Andrew Modrall, CFO of Select Strategies Realty was recently a guest on RealCrowd, a popular podcast focusing on the Fundamentals of Commercial Real Estate Investing.  Andrew walks through the purpose of the pro forma including the roles of rental income, vacancy allowance, operating expenses, reversion cash flows and more.

The episode can be downloaded on iTunes: CLICK HERE TO DOWNLOAD.

New Aldi Opens at Gravois Plaza – St. Louis

Gravois Plaza, located at 3865 Gravois Ave. in St. Louis, is home to a brand new Aldi discount grocery store.  The 26,688 SF store held it’s grand opening on March 14, 2019.  The new location features wide aisles, bright lighting, ample and convenient parking.

There are opportunities to join newly leased Aldi at conveniently located Gravois Plaza.  Spaces ranging from 1,290 SF to 41,619 SF are available for lease.

Click for more information.

 

Select Strategies Realty Logo

 Select Strategies Realty Announces Portfolio Acquisition

Cincinnati Business Journal – Press Release

CINCINNATI (September 20, 2018) — Select Strategies Retail Holdings V, LLC, an affiliate of privately held real estate investment firm Select Strategies Realty, announced the completion of its $78.4 million acquisition of a seven-property shopping center portfolio in the greater St. Louis metropolitan area. The 1,100,000 square foot portfolio is 91% leased and is anchored by a strong group of national tenants including ALDI, Fresh Thyme, Burlington and Planet Fitness. Select Strategies Retail Holdings V made the acquisition on behalf of the firm’s principals and investment partners.

“Select’s investment strategy is driven by our analysis of retail trade areas, synthesized with our proprietary STAR methodology,” said Reynolds Thompson, chairman and chief investment officer. “We combine an operator’s perspective with decades of investment experience, which allows us to identify unique investment opportunities with significant value-add components.”

The St. Louis properties include Creve Coeur at 955 Woodcrest Executive Drive and 12139 Olive Boulevard; Kings Highway at 4650 Lansdowne Avenue; LeMay Shopping Center at 1000 LeMay Ferry Road; Gravois Plaza at 3727 Bamberger Ave.; Kirkwood Crossing at 1259 S. Kirkwood Rd. and Overland Crossing at 8901 Page Avenue. The portfolio also includes Fairview City Centre in Fairview Heights, Illinois. The portfolio’s anchor tenants include The Home Depot, Fresh Thyme Farmer’s Market, ALDI, Office Max, Kohl’s, Home Goods, Dick’s Sporting Goods, Burlington Coat Factory, Hobby Lobby and Planet Fitness.

“We know this market well,” said Brian Neltner, CEO of Select Strategies Realty.  “We have Select professionals on the ground in these specific sub-markets, so we can apply our leasing, development and management expertise to these assets. Given our long-standing presence and experience in this market, we expect to provide strong current returns and create long-term value for our investors.”

This transaction reflects the latest success of the Select Retail Advisors program, formed in 2015 to pursue investment opportunities on behalf of the firm’s principals and investment partners. The value of transactions sponsored by Select now exceeds $175 million. “We are appreciative of the opportunity to purchase these assets in a direct manner, which we believe is reflective of our reputation as buyers and operators in our primary markets”, commented Neltner.

“We continue to see a disconnect between the investment community’s perception of risk and the risk we believe to be reality,” said Thompson. “There is an opportunity to identify attractive assets as public and institutional investors exit certain markets. Select’s trade area oriented investment protocol provides the framework for identifying these types of opportunities.”

Holiday Fenoglio Fowler, L.P. (HFF) provided advisory services to Select Strategies Retail Holdings V relating to the sourcing of debt capital for this portfolio. HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital market services to the global commercial real estate industry. The HFF team that represented Select Strategies Retail Holdings V was led by managing director Jeremy Sain.

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About Select Strategies Realty

Select Strategies Realty is a privately held real estate investment company that specializes in the development, acquisition, management and leasing of retail and mixed-use real estate in the midwestern and southeastern U.S. Select has sponsored retail investments totaling in excess of $175 million and provides management and leasing services for over 4.5 million retail square feet. Founded in 2005, the firm has offices in Atlanta, Georgia; Birmingham, Alabama; Beaufort (Hilton Head), South Carolina; Greensboro, North Carolina; Orlando and Tampa, Florida; Youngstown, Ohio; St. Louis, Missouri; Chicago, Illinois and Fort Thomas, Kentucky, along with their Cincinnati headquarters. The company manages and leases retail assets in 9 states as well as office and multifamily assets in Ohio and Kentucky. Select Strategies’ deep bench of leadership includes former senior executives of some of the largest retail real estate companies in the United States, including Kimco, Colonial Properties Trust, North American Properties, Casto, Taubman and Cafaro, providing a unique combination of expertise and experience.

 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Select operates, involve uncertainties that could significantly affect the performance of an investment. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,”  or variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict.

 

No Offer or Solicitation

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

Select Strategies Realty Secures Financing for 5-Property Retail Portfolio in St. Louis

5 Properties St. Louis

Select Strategies Realty announces the acquisition of a five-property retail portfolio in St. Louis.

Read Press Release Here

Click below to learn more about each property:

King’s Highway Shopping Center

Overland Crossing

Lemay Shopping Center

Fairview Heights Center

Creve Coeur Shopping Center

 

2017 CoStar Power Broker Award – Brian Jones

Congratulations Brian JonesSelect Strategies Realty would like to congratulate Brian Jones on being a 2017 CoStar Power Broker Award Winner in the Orlando Market.

Contact Brian for more information on the following Florida properties:

Cambria Hotel & Suites – Orlando, FL

Bellair Plaza – Daytona, FL

University Plaza – Winter Park, FL

Wesmark Plaza – Sumter, SC

West Volusia Towne Center – Orange City, FL

Colonial TownPark – Lake Mary, FL

Boulevard Square – Pembroke Pines, FL

Bear Lake – Apopka, FL

 

 

Price Choice Foodmarket

Select Announces New Fort Lauderdale, FL Listing

Select Strategies Realty has been retained to act as the exclusive leasing agent for retail space located at Lauderdale Manor, 1909-1953 N.W. 9th Ave., Fort Lauderdale, FL.

Price Choice Foodmarkert

This 78,606 SF shopping center is conveniently located in the highly trafficked quadrant between Sunrise Boulevard and Oakland Park Boulevard.  Key tenants including Price Choice Food Market, dd’s Discounts, Family Dollar and CitiTrends serve the communities of Wilton Manors, Lauderdale Manors and Oakland Park.  The Center’s great visibility and close proximity to Interstate 95 makes it an ideal place to shop and congregate.
map of Lauterdale Manor
For more information on leasing at Lauderdale Manor, please contact Brian Jones @ 407.516.9405 or bjones@selectstrat.com or click here.
Updated Elevation (09.22.17)_website

NEW DOWNTOWN ORLANDO DEVELOPMENT – PRIME, CLASS A SPACE ON LAKE EOLA WATERFRONT

Select Strategies Realty has been retained to act as the exclusive leasing agent for retail space located at the new Cambria Hotel & Suites located at 170 East Washington Street, Orlando, FL.

Located on the only remaining parcel on the shores of Lake Eola, Cambria Hotel & Suites will be an unrivaled dining and shopping destination.  Featuring desirable lakefront views from the retail spaces, outdoor / patio seating and rooftop bar, Orlando’s newest iconic destination offers a fresh, upscale atmosphere and will provide a dynamic experience for local residents, employees and visitors.
* Located in heart of Orlando’s Central Business District with approx. 10 million SF of office towers and 175,850 employees withing 3 miles.
* Walking distance to the areas entertainment venues including: Amway Center, Doctor Phillips Performing Arts Center and Thornton Park.

Downtown Orlando

Crunch Fitness Sold

**SOLD** Crunch Fitness – Florence, KY

September 29, 2017 – Select Strategies Realty announces the sale of the single tenant Houston Lakes Retail Center located at 77 Spiral Drive, Florence, KY.  Select was retained in May 2017 to act as the exclusive marketing agent for the 23,468 SF site which is currently leased to Crunch Fitness.