Category: Business

Saginaw VA hospital opens new site for hearing, vision services

May 24, 2022

By Justin Engel – jengel@mlive.com

Link to original story

SAGINAW TOWNSHIP, MI — The Aleda E. Lutz Veterans Affairs Medical Center will open a new facility in Saginaw Township Tuesday, May 24, officials said.

The 18,000-square-foot building will house the VA hospital’s audiology, optometry and low vision services.

“I am excited about the new clinic and its state-of-the-art technology we can offer our veterans,” said Dr. Kathy Lewis, the VA hospital’s chief of sensory and rehabilitation services.

“We have been planning and working diligently over the last couple years to ensure we stay on the cutting edge and meet our veterans’ well-deserved needs.”

Officials said the new facility will provide added space for audiology, optometry and low vision services compared to the main Aleda E. Lutz Veterans Affairs Medical Center facility.

The new site — at 2830 McCarty, between Bay Road and Fashion Square Boulevard — is nearly three miles north of the main VA hospital at 1500 Weiss in Saginaw.

Downtown Orlando office building to be redeveloped

March 31, 2021

By Jack Witthaus  –  Senior Staff Writer, Orlando Business Journal

Link to original story

The owner of a long-empty downtown office building is taking steps to get the structure ready for its new tenant.

Flint, Michigan-based developer and owner West Second Street Associates (WSSA) started seeking master plan approvals on March 15 to renovate the former AT&T building at 500 N. Orange Ave. with office and commercial uses as well as an integrated parking garage, according to city records. In September, an unnamed federal government tenant has secured the entire roughly 114,000-square-foot space, OBJ first reported. The move may bring 670 new workers to downtown Orlando, based on industry standards.

Orlando-based Baker Barrios Architects Inc. is the project’s architect, city records show. Neither representatives with Baker Barrios nor WSSA’s John Sabty were available for comment.

Downtown office leasing

A construction timeline wasn’t immediately known and other companies involved in the project weren’t known. That said, developers and real estate owners need master plan approvals in order to seek building permits for a project to start construction.

The redevelopment of 500 N. Orange Ave. is important for many reasons. First, it will bring more workers to downtown Orlando, which will be a boon for nearby shops and restaurants. In addition, it may drive more demand for residential space downtown.

In addition, leasing 500 N. Orange Ave. was one of the biggest office deals in 2020 and came at a time of uncertainty for the real estate sector. That’s because the pandemic had forced companies to work from home indefinitely and some firms were rethinking leasing or owning physical office space.

Now, as the pandemic’s impact is lessening, real estate brokers are seeing an uptick in inquiries for downtown office space — both from out-of-town firms and from local companies. Jeré Matheny, senior associate at Orlando-based First Capital Property Group Inc., said he’s gotten inquiries from across the U.S. about space he’s marketing at 100 S. Orange Ave. “I think we are starting to turn the corner.”

Downtown office stats

The central business district has a 13.4% average office space vacancy rate, which was higher than the Orlando-area average of 11.7%, according to a fourth-quarter office report by Chicago-based Cushman & Wakefield plc (NYSE: CWK). Meanwhile, the submarket’s average monthly asking Class A office rent was $29.47 per square foot, compared with the Orlando-area average of $26.96 per square foot.

BellSouth Building May Become Offices or Apartments

March 9, 2015

By Mary Shanklin – Orlando Sentinel
Link to original story

A Michigan-based investment group purchased the 1980s BellSouth office building near the Orange County Courthouse and is exploring renovations for offices or razing it for apartments.

West Second Street Associates purchased the building at 500 N. Orange Ave., Orlando, from AT&T for about $7 million.

“We think the property lends itself as office or as residential, and we’re going to let the market determine the future of the site,” said John Pavone, business-development director for the firm. If one or two tenants step forward during the next few months to claim the majority of what will be 100,000 square feet of space, the owners will “re-skin” the building and improve it to meet their needs.

If no companies commit to the space within six months, West Second Street will take advantage of the building’s proximity to SunRail commuter rail by pursuing plans for an apartment project there, Pavone said.

The somewhat-ambiguous plans for the five-story building underscore the office and apartment pressures at work in downtown Orlando.

Rental occupancy and rates for the urban core have continued to push up even as several new apartment complexes, including NORA and the Sevens, have come online along North Orange Avenue. Across Orange Avenue from the BellSouth building, the Tribune company has proposed redeveloping the property leased by the Orlando Sentinel. The Chicago-based company would not comment on marketing plans for the site.

In terms of office needs, vacancy rates have declined in recent years. Both CNL and Highwoods are poised to introduce new, downtown office towers after almost a decade when none was built.

The BellSouth building could be a faster and more economical choice than new construction for companies hunting for downtown space, Pavone said.

Feds to Lease Lapeer Avenue Building

August 28, 2013

By Beth LeBlanc – Times Herald
Link to original story

The former AAA Michigan building on Lapeer Avenue in Port Huron will be leased by the U.S. Customs and Border Protection Air and Marine office.

The 7,000-square-foot building at 933 Lapeer Ave. is being renovated by a Flint developer to accommodate the agency.

John Pavone is a representative of the building’s owner and developer, West Second Street Associates.

Viva Health Moves In, Renames Former Regions Plaza as New Headquarters

August 26, 2013

By  Michael Tomberlin – al.com
Link to original story

BIRMINGHAM, Alabama – Viva Health has taken nearly 60 percent of the former Regions Plaza building in the heart of downtown’s central business district and has renamed the building after the growing Alabama health insurance company.

Viva held its official ribbon-cutting today in the lobby of the 18-story former Regions Plaza at 417 20th St. North and has renamed it the Viva Health Building. Viva is taking the top nine floors and a portion of the lobby for its 300 employees.

Cardwell Feagin, chief operating officer at Viva, said the insurance company, part of the UAB Health System, spent a year weighing different locations for its new corporate headquarters before choosing the former Regions Plaza. After seven months of renovations, the space is housing all of Viva’s corporate operations and is giving it room to grow for the next decade.

“The space was perfect,” Feagin said. “It had the room Viva needed to house our operations now and room for us to grow as part of our 10-year plan.”

Dr. Ray Watts, president of UAB, said Viva has grown from a small upstart to a major player in the health insurance industry. Viva now has twice the staff it did when it moved into its previous location at UAB Highlands in 2006. Viva insures more than 90,000 Alabamians.

“It’s not just an asset for UAB, it’s an asset for Birmingham and the entire state,” Watts said. “It’s a remarkable success story and is part of the economic development success in Birmingham.”

Having the Viva Health building on the same corner as buildings with Wells Fargo and Regions Bank puts the company in the “sweet spot” of downtown, Watts said.

Birmingham Mayor William Bell said he is glad the Viva Health Building has come alive with hundreds of workers. He said when the Federal Emergency Management Agency temporarily occupied a portion of the building following the April 27, 2011 tornadoes, it brought new life to the area but made it all the more apparent of the vacancy when FEMA’s time in the building came to an end.

“The CBD has always been the heart of the City of Birmingham,” he said in an interview after the ribbon-cutting. “This gives the heart new life.”

Tracey Morant-Adams, head of the Birmingham Mayor’s Office for Economic Development, said her office along with REV Birmingham were able to work with Viva to make the move possible.

“When you can take a prominent vacant building and use it to help a company that is already in the city remain here and grow, that is a great economic development victory for the city,” she said. “It also contributes to the revitalization and vitality of downtown.”

Brad Rollow, chief executive officer of Viva Health, said the company’s employees have been excited about moving into the Viva Health Building. He said they wanted to be a part of the new energy downtown while still being close to UAB.

Viva’s Feagin said the corporation did an analysis of where its employees live and commute and the Viva Health Building was the least disruptive of all of the sites they considered.

That’s music to the years of David Fleming, president of REV Birmingham, which advocates downtown redevelopment.

“Viva is the latest business demonstrating to the corporate community and the community at large that downtown Birmingham is open for business,” he said.

John Pavone, a representative of Flint, Mich.-based West Second Street Associates LLC, which owns the Viva Health Building, said having Viva in half the building has raised interest from other potential tenants.

“Viva’s new headquarters is confirmation that this is not only one of the best corners in Birmingham, but one of the best corners in the state of Alabama for business,” he said.

Viva is using seven floors now and two for future growth and storage. Its 3,000 square feet of lobby space serves as a welcome center that allows current and prospective members to have face-to-face interactions with Viva employees. Viva had four conference rooms in its previous building. The new space has 13 conference rooms, with each one named for a Birmingham landmark.

Anna Velasco, spokeswoman for Viva, said having the company’s name on top of the building is a significant marketing tool that has already raised Viva’s profile.

Viva Health Moving Into 100,000SF at The Plaza Birmingham

May 28, 2013

By Jeff Toor – CoStar Group
Link to original story

Birmingham, AL-based HMO Viva Health, Inc., will take occupancy next month of its nearly 100,000 square feet leased the Plaza Birmingham building at 417 N 20th St.

The HMO will occupy the top 9 floors of the 17-story building owned by West Second Street Associates (WSSA), a public-private real estate development company headquartered in Michigan.

WSSA’s John Pavone represented the building owner in the lease transaction. Joe Sander, IV, of Colliers International in Birmingham, brokered the deal for Viva Health.

Colliers Selected to Market 16-Property GSA Portfolio

May 1, 2013

By PR Newswire
Link to original story

Colliers International announced that it has been selected to market a 273,000-square-foot, 16-property office portfo­lio that is fully leased to federal agencies through the Government Services Administration (GSA). GSAXCHANGE, a group within the Colliers Government Solutions team, and Raymond James Financial will market the portfolio on behalf of owner West Second Street Associates (WSSA).

The properties are occupied by a number of GSA tenants including the Social Security Administration (SSA), Internal Revenue Service (IRS), Immigration and Customs Enforcements (ICE), Department of Veterans Affairs (VA), and Customs and Border Protection (CBP). GSAXCHANGE is an investment sales and capital markets platform focused solely on the government-leased asset marketplace. Colin Cavill and Bob Cottle, both GSAXGHANGE team members based in Atlanta, and Darrin Kennedy, based in Los Angeles, will lead the marketing efforts for the portfolio.

“WSSA selected Colliers Government Solutions because of the deep federal-sector knowledge we provide, enabling us to better market the positive attributes of this portfolio” said Kurt Stout, executive vice president, Government Solutions at Colliers International. “We are thrilled to have this opportunity to represent such a large portfolio of GSA properties, and look forward to expanding our presence in several strong markets.”

The office portfolio includes properties in Michigan, Ohio, Florida, Texas, Colorado and Minnesota. The properties range in size from 6,000 to 40,000 square feet, and have an estimated combined value of $118 million. The portfolio includes both new construction and pre-existing space, with the oldest property completed in 2006. The remaining average lease term is 10 years.

“We expect these single-tenant properties to attract a great deal of interest from a wide variety of investors,” said Cavill, managing director of Colliers International’s GSAXCHANGE. “Investor interest in GSA-leased buildings is on the rise due to the stellar credit, long average lease terms and high renewal rates of U.S. Government tenants. These GSA properties provide a steady income stream and consistent yields.”

Colliers Government Solutions is the industry’s only comprehensive services platform focused solely on government real estate. Its professionals span multiple disciplines but work as a team to provide clients with solutions tailored to the unique and often complex requirements of government-leased properties. The platform consists of six services specifically focused on government real estate: leasing, investment sales, finance, property management, appraisal and tax appeal.

 

Colliers Shopping 16-Property GSA Portfolio

April 30, 2013
By CoStar Research
Link to original story

 

West Second Street Associates (WSSA), a Michigan-based firm that specializes in developing and managing buildings for General Services Administration (GSA) tenants, has selected Colliers International to shop a 16-property single-tenant portfolio of office properties totaling 273,000 square feet.The GSA-leased office portfolio has an estimated value of $118 million. Eight of the properties are located in Michigan with the others in Ohio, Florida, Texas, Colorado and Minnesota. The buildings range in size from 6,000 to 40,000 square feet and carry and average lease term of 10 years. Federal agencies occupying the buildings include the Social Security Administration, the IRS, Immigration and Customs Enforcements, Customs and Border Protection, and the Dept. of Veterans Affairs. GSAXCHANGE, a group within the Colliers Government Solutions team, and Raymond James Financial are marketing the portfolio to prospective buyers. Colin Cavill and Bob Cottle, both based in Atlanta, and Darrin Kennedy, based in Los Angeles, are leading the sales effort.Cavill, managing director of Colliers International’s GSAXCHANGE unit, said he expects the collection of single-tenant properties to attract a high level of interest from investors due to the credit worthiness, long average lease terms and renewal rates of associated with federal government tenants. “These GSA properties provide a steady income stream and consistent yields,” said Cavill.

Flint Michigan Company Acquires Strategic Downtown Orlando Asset

February 5, 2013

Flint Michigan based West Second Street Associates has acquired a 118,000 sf office building from AT&T. Located at 500 N. Orange, the property is only 300 feet from the new Lynx Rail Station, at the same intersection as the 23 story Orange County Courthouse, and immediately across the road from the recently proposed Orlando Sentinel redevelopment project.

An existing office building constructed in 1980 currently resides on the 2.25 acre site. “We have developed architectural renderings that include a new glass curtain wall for the building” said John Pavone, Director of Business Development for West Second Street Associates.

“The building has great bones that we can leverage in a remodel. We can deliver a 100,000 sf block of Class A space to the downtown Orlando CBD, faster and more economically than anyone else.“

“We have created a niche in acquiring non-core assets that have been deemed surplus by Fortune 500 sellers” -Pavone stated
WSSA is known within industry circles as one of the nations largest privately-held developers of properties for the General Services Administration (GSA). The General Services Administration is the leasing arm of the Federal Government.
“Over the course of the last several years, we have been actively diversifying into other asset classes. We have been purchasing apartment communities, and other strategically located properties, in an attempt to reposition our business and create additional value.” – said Pavone

In a similar transaction , WSSA purchased the former World Headquarters of Regions Bank in Birmingham Alabama. Vacated following the merger of Regions Bank and AmSouth Bank, the Regions Plaza building boasted 218,000 sf in an 18 story structure. Standing in the shadow of the 34 story Wells Fargo Tower and 30 story Regions Center building, the Regions Plaza Building had a similar “Main and Main” location in the CBD of Birmingham Alabama. The Plaza was quickly leased to the health insurance provider of the University of Alabama at Birmingham (UAB) known as Viva Health.

“We have successfully repositioned much larger assets . We believe this opportunity to be very similar to our acquisition of the former Regions Plaza building, except this site lends itself to other uses besides office. It’s no secret that downtown Orlando is a hotspot for urban residential development. We now own a site with almost identical dimensions to the ultra -successful Central Station development (located immediately across the street). Based upon the current zoning, which permits structures up to 400 feet in height, we could potentially develop a 900-unit residential tower anchored by ground floor retail.”

“We are currently in discussions with many interested parties. One thing is certain, we are extremely excited about the future of the property!” Pavone said.

UAB Eyes Space in Regions Plaza, Sources Say

October 29, 2012

By Ryan Poe – Birmingham Business Journal
Link to original story

The University of Alabama at Birmingham is looking to lease space in the vacant Regions Plaza in downtown Birmingham.

The school has opened negotiations with the 18-story Plaza’s owner, West Second Street Associates LLC, about leasing space for administrative offices, according to multiple sources familiar with the matter who asked to remain anonymous.

If the deal goes through, UAB would take space not occupied by Viva Health Inc., which is planning to relocate next year.

Neither John Pavone of West Second Street nor UAB spokeswoman Dale Turnbough immediately returned calls or emails.

Regions Plaza was home to the headquarters of Regions Financial Corp. (NYSE: RF) prior to its 2006 merger with AmSouth.

A hotel was once planned for the building, but that project stalled during the recession.

Regions Financial Corp. sold the 217,875-square-foot Plaza in March 2011 to West Second Street Associates for $5 million – $2 million less than Regions’ asking price.

12