JM Real Estate, Inc., is pleased to announce that they have secured a new anchor tenant for Rialto Place Office Tower.
Arizona College of Nursing has leased the 7th floor and most of the 1st floor for a total of 23,327 square feet under a 10-year lease term. “This is a significant lease for Rialto”, stated Jewel McDonald, who handled the lease transaction on behalf of the owner, Real Capital Solutions. She went on to add, “the total value of this lease transaction was $7.4 million – one of the largest lease transactions I have handled in my 30+ year career in commercial leasing.” Carolyn Morrison, the on-site property manager, who has been with the building for over 20 years was instrumental in assisting Jewel with finalizing this transaction. JM Real Estate will be handling project management for the significant tenant improvements needed to remodel the space to meet the floor plan needs of the college.
Arizona College of Nursing chose this location for several reasons. The most important being its prestige in the community and having the ability to provide their needed square footage in a professional environment for their students. In addition, location played a major role in their decision with its central location in Melbourne, proximity to Holmes Regional Hospital, as well as access to a strong local demographic pool to lure nursing students. Matthew Maller of CBRE handled the lease transaction on behalf of the tenant out of their California office.
Arizona College of Nursing’s history began in 1991 with a group of pharmacists who founded Arizona School of Pharmacy Technology. Five years later, Eduvision purchased the school and expanded its offerings. By 2012, they changed their name to Arizona College and expanded their academic offerings which now includes a Bachelor of Science degree in nursing. Today, Arizona College of Nursing has locations in Arizona, California, Michigan, Nevada, Texas, Florida, Virginia, and Utah. Most recently the school has opened locations in Sarasota and Fort Lauderdale.
Rialto Place Office Tower recently underwent major renovations to bring this prestigious office tower back to its original Class “A” status with over $1.5m in common area improvements. Two key property managers, Carolyn Morrison and Jill Cervini of JM Real Estate handled the project management of the renovations. Jewel McDonald has a long history with this prestigious office building. Early in her career she handled property management and leasing for Rialto under its original owner. “Seeing this building restored to high class status and being utilized by major tenants in the Melbourne market is one of the highlights of my career”, said McDonald.
Rialto Place is one of the most beautiful office towers in Brevard County adding prestige to any business address. This 10-story office tower has stunning panoramic views and is joined by a courtyard to the Hilton Rialto Hotel. Rialto Place is also adjacent to Melbourne International Airport which is undergoing a $72 million terminal expansion-renovation project making Rialto the ideal location for business in Melbourne.