Silverado Trail – Napa Valley
Situated near the central business district of the town of Napa, The ZR Gateway, LLC property assemblage on Silverado Trail provides over 15 acres of possibilities in the heart of Wine Country. The location on Silverado Trail is one of the few remaining potential land parcels of its size in Napa, allowing for multifamily and single family development opportunities.
With its close proximity to Soscol Avenue and various shopping centers, the location is a convenient and highly desirable residential area. The 134-unit Alexander Crossing apartment complex on 6.4 acres has been fully approved and construction is estimated to be complete in late 2012. The balance of the site will accommodate a planned community of 42 single family lots.
Napa Valley is a quickly growing area, with expected future job growth to be 27.9% over the next 10 years. With nearly year round sunshine and many attractions, Napa will see an increasing demand for housing in the years to come. The world renowned local wine industry, expanding tourism, and growing economy make a future for this location to gain in value. Despite the housing slow down supply is always limited in the market area. Median home prices in Napa are $540,000 indicating the resilience of demand. As demand goes back into balance the assemblage at Silverado Trail will provide the high barrier to entry area the chance to develop one of the few remaining new residential projects in the area.
250 Brannan Street – San Francisco
Zapolski + Rudd acquired 250 Brannan Street in November of 2004 as a vacant building in one of the hottest submarkets in San Francisco, SOMA. Originally the home of Gallo Salami Company the building was renovated and expanded by the Lennar Company to total 110,000 square feet of modern office space. 250 Brannan had served for a short time as headquarters for Double Click ( a rising dot com company).
The strategy for the acquisition of 250 Brannan had been to maintain the building for office tenants, anticipating an upturn in the leasing market. Market conditions, however, changed towards a heated residential conversion market. Located two blocks from the new San Francisco Giants baseball stadium and immediately within a prime residential towerneighborhood, 250 Brannan attracted significant interest as a residential conversion. Given the lead time associated to stabilize the property as a leased investment it was decided that the disposition of the asset was an opportunistic change of course that could yield a significant and ready return. The property was sold at a significant return on investment in May of 2006
Braves Village | Myrtle Beach
Braves Village is a 60,914 SF Food Lion anchored shopping center located in Myrtle Beach, South Carolina. Built in 1985. The 7.55-acre center’s tenants include the tenants listed here, plus Burger King and Dunkin Donuts outparcels.
The center, located at the intersection of Dick Pond Road (Hwy 544) & Socastee Boulevard (Hwy 707), enjoys great visibility and traffic. This investment was a joint venture between Zapolski Real Estate and Mark Properties, Inc.
Carnera Corporate Center – Napa
Carnera Corporate Center is a ground-up development of Class A office product in the Napa Valley and an adjacent developable parcel of 2.7 acres. Conveniently located on Highway 29 between American Canyon and Napa, Carnera has a high-end, professional, campus-like atmosphere with three office buildings totaling 41,000 square feet.
Ideally situated in the Napa Valley Gateway Business Park, Carnera is a short distance from world renowned wineries, championship golf courses and destination resorts, along with an array of retail amenities. This property is currently held by Rudd Properties.
Fresh & Easy – Napa
The Fresh & Easy Neighborhood Market building is located in the River Park Shopping Center on Imola Avenue. A subsidiary of United Kingdom-based supermarket giant Tesco, Fresh & Easy has 168 grocery stores in California, Nevada and Arizona with more than 4,300 employees.
The 19,326 SF retail building is located at 1525 W. Imola Avenue. This property is currently held by Rudd Properties.
ProLab Building – Napa County
Zapolski + Rudd was the developer for a 28,125 square foot light industrial building for ProLab Orthotics. This office and orthotics laboratory was developed in the Gateway Business Park in Napa County, California. Z+R secured the land, financed and managed all aspects of development and ultimately sold the finished building to ProLab on time and under budget.
Rocklin Land – Rocklin
This 6.23 acre parcel in Rocklin is located 30 miles east of downtown Sacramento, on the north side of Interstate 80. Rocklin Land is currently held by Rudd Properties.
301 First Street – Napa Valley
301 First Street is a single tenant retail building of approximately 15,000 square feet. The one acre site is located at a key retail corner of First Street and Silverado Trail, adjacent to downtown Napa. Situated across the street from the entitled $200 million 351-room Ritz-Carlton Hotel, Napa’s highest-profile tourist project, 301 First Street is located in a convenient and highly desirable area. The Ritz-Carlton Hotel development will transform 11 acres at First Street and Silverado Trail into a posh village for fine dining, luxury spa services, upscale shopping and special events.
Napa Valley is a quickly growing area with expected future job growth over the next 10 years predicted to be 27.9%. With nearly year round sunshine and many attractions, the world renowned local wine industry, expanding tourism, and growing economy make a future for this location to gain in value. The total investment in downtown Napa in the last 10 years has topped $820 million. With an estimated 4.7 million visitors each year, the benefit to the local economy per day is in excess of $2.5 million.
Apopka Land Regional Shopping Center – Apopka
Located in the growing suburb of Apopka, the Apopka Land Regional Shopping Center is the retail anchor of this bedroom Orlando community. The 171,202 square foot formerly Food Lion anchored center sits comfortably between SR 441 and SR 436, having direct access and signage from both thruways and a traffic count of over 50,000 vehicles per day.
The property was purchased in 1999 by ZR Apopka along with a Wal-Mart owned separate parcel to be combined into what was then renovated and re-tenanted to include junior anchors Beal’s Outlet and Dollar Tree. The new facades, added signage, and improved lighting increased the vibrancy of the site. Two new out parcels were created. The center was sold in 2003.
Hamptons at Tampa Palms – Tampa Bay
The Hamptons at Tampa Palms was constructed in 1996, purchased by Zapolski + Rudd in 2003 and sold as part of a syndication program to Tenant In Common investors in 2004. It is a 315-unit luxury garden apartment community in Tampa, Florida consisting of 52 two-story residential buildings and a two-story clubhouse. It totals a net rentable area of 436,824 square feet spread out across 23 lakeside acres.
This community is well located at a desirable address in Tampa. Given that the property offers large floor plans, direct access garages, a heated fountain swimming pool, fitness club, and substantial on site amenities the property was later purchased by a third party for conversion to for sale condominiums.
Northridge Shopping Center – Atlanta
Purchased by ZR Northridge in 2003 and sold in 2007, Northridge is a 75,792 square feet Kroger-anchored neighborhood retail center.
Northridge Shopping Center was originally developed in 1983 and renovated in 2003. The renovations included upgrading the store-front facades, signage, landscaping, lighting and parking lot to give new life to this retail center.
The shopping center was acquired because it is located at a prime North Atlanta retail location with a high residual value. Operational efficiency and leasing allowed for NOI growth and the ability to sell the asset at the peak of the market.
Elkhart – Elkhart
Located in the South Bend suburb of Elkhart, IN, this asset consists of a 48,999 sq. ft. stand alone Kroger that is one of the leading shopping venues in the trade area. Purchased by Zapolski + Rudd in 2000 and sold in 2004, this property is located at the intersection of Johnson and Beard Streets, just southeast of the Elkhart Downtown corridor.
120 Coxe Avenue – Asheville
3 story Class A office building Conveniently located in the Central Business District of Asheville. Completed in May 2004 as part of the Coxe Avenue Corridor Revitalization efforts. Office sizes range from 1,136 SF to 5,483 SF, and have both reserved on-site parking and free street parking. 120 Coxe Avenue was developed by ZR in partnership with Delphi Development.
Property Highlights
- Excellent location along the Coxe Avenue Corridor
- Great views
- Art deco architecture
- Handicap accessible
Brennan Station – Raleigh
Located in the booming North Raleigh corridor, Brennan Station is a 126,464 sq. ft. shopping center. Major tenants include Office Depot, O2 Fitness, Ace Hardware, and Margaux’s Rotisserie & Market. Purchased in 2002 and sold in 2007, this was an acquisition as part of a joint venture between Zapolski + Rudd, LLC and Mark Properties, LLC, a Durham, NC and Morristown, NJ based real estate firm.
The center, located at 8111 Creedmor Road just south of the Strickland St. intersection, enjoys an excellent, well established tenant mix that provides its shoppers with a variety of services.
Edenton Shopping Village – Edenton
Zapolski + Rudd acquired this Food Lion-anchored shopping center in the historic town of Edenton , NC soon after it had been severely damaged by Hurricane Isabelle in September, 2003.
Seizing upon the opportunity to improve (instead of just repair) the property, Z + R orchestrated an aggressive redevelopment strategy for the aging center. This yielded new signage, 7,000 square feet of new retail space, a new façade, new exterior soffit, parking lot repairs, as well new roofing and HVAC for portions of the center.
Upon completion, Edenton Village was the dominant Grocery-anchored center in town. Other center tenants included Dollar General, CVS, College of The Albemarle, and Advance Auto.
Through careful management, the project came in well under budget and immediately added a tremendous amount of value to the asset. Work was completed and the center was sold within just nine months of purchase.
Harper Crossing – Lenoir
Situated at the intersection of US 64 and NC 18 (Morganton Road) and NC Bus 18 (Harper Avenue), Harper Crossing’s position along the “going home” side of Highway 18 allows it to serve the commuter traffic and local neighborhood market that extends southwest of I-321 toward Gamewell Town. The property was acquired in partnership with Gemini Real Estate Advisors, LLC for a TIC (Tenants-in-Common) program.
The center, located at 2116 Morganton Blvd. SW, is 45,825 square feet, anchored by Food Lion with Dollar General among its shop space. This property is currently held by Rudd Properties.
Sawyer Motor Building – Asheville
ZR and partner Delphi Development Acquired this historic car dealership and rehabilitated floors 3 and 4 into luxury condominiums, floor 2 into secured residential parking and the ground floor into commercial space.
Federal historic tax credits were passed on to residential and commercial buyers.
Project renovation completed and sold out by November 2003
Waverly Place – Cary
Sold in 2008 after ZR Waverly, LLC had received full entitlements for the largest integrated retail/mixed-use project ever approved in Cary, NC. At approximately 1.1 million square feet, the approved plans include 204,190 square feet of lifestyle retail, 216,000 square feet of office, a 120 key hotel and 200 luxury condominiums and high-end apartments among the mix. Once completed the project will also feature two eight-story buildings, the tallest in Cary. ZR Waverly first purchased the property in 2005.
When acquired the retail center consisted of 182,000 square feet anchored by a Whole Foods, Eckerd Drug store, and a regional fitness facility. An agreement was made to re-locate Whole Foods to a new state of the art stand alone store. Demolition was anticipated for the majority of the exiting structures.
Williams Corner – Chapel Hill
Williams Corner is a planned mixed-use development on 115 acres featuring 223,500 SF retail space, 125,000 SF office space and 40 approved residential unit sites. The property is located on Highway 501, en route from Chapel Hill to Pittsboro, with more than 2,000 feet of road frontage in direct view of US 15-501 traffic.
Williams Corner is situated in close proximity to the University of North Carolina at Chapel Hill, Duke University and Research Triangle Park. This property is currently held by Rudd Properties.