The Ecosystem of a Deal: A Symphony of Collaboration 

Investment real estate deals involve a network of stakeholders, creating what Stewart Proctor, CCIM, co-managing director of Ciminelli Real Estate Services, calls “the ecosystem of a deal.” From brokers and property managers to the principals, attorneys, contractors, and developers, collaboration is key. “Every transaction requires a team,” Proctor says. “We operate as the quarterback in these situations, ensuring every piece of the puzzle fits together smoothly.”

For instance, Ciminelli recently worked on a quick-serve restaurant project involving franchisee, franchisor, developer, and investors. “The developer, with the broker’s help, identifies the property, enters lease negotiations, executes a lease, acquires the property, and builds it. This is what we call a turnkey build-to-suit,” says J.R. Long, CCIM, co-managing director and Proctor’s business partner for 20 years. “Later, the developer often sells the property to a third-party investor, creating opportunities for the entire ecosystem and widespread economic benefits.”

Metrics of ROI: More Than Just Numbers 

For investors, understanding return on investment (ROI) is essential. “There’s no one-size-fits-all approach to measuring ROI,” Long explains. Metrics like capitalization (CAP) rate, cash-on-cash return, and internal rate of return (IRR) vary depending on investor goals.

“Institutional investors, like pension funds, often accept lower returns for safer investments, while private investors may take higher risks for greater returns,” Proctor adds. “It’s about aligning the investor’s goals with the structure of the deal.”

Owner-Occupant vs. Third-Party Investors: Diverging Priorities 

The priorities of an owner-occupant differ from those of third-party investors. Owner occupants focus on location and functionality to support business operations. “For them, the property is not just an investment—it’s a foundation for their business,” Long notes.

Third-party investors, however, prioritize income streams, tenant creditworthiness, and property appreciation. “They’re buying the revenue stream and the underlying real estate,” Proctor explains, highlighting how lease terms and property selection influence investment value.

Complexity vs. Simplicity: Structuring Deals 

The complexity of a deal depends on the parties involved. “A sophisticated buyer may keep things simple, while a less experienced party might unintentionally overcomplicate the process,” Proctor explains.

Ciminelli’s expertise lies in managing these dynamics. “We balance the needs and expectations of buyers and sellers to ensure a successful transaction,” Long says.

The Role of Brokers and Property Managers 

Brokers and property managers play crucial roles in investment real estate. “Brokers bring market knowledge, negotiate deals, and align interests,” Proctor explains. Property managers act as stewards of the asset, ensuring tenant compliance with lease terms and maintaining property value.

“Property management is essential for long-term success,” Long adds. “A good property manager protects the value of the investment.”

Ciminelli’s Edge: Experience Meets Local Expertise 

Ciminelli Real Estate Services is an industry-leading firm with over 23 million square feet of management and leasing assignments nationwide and over $500 million in capital markets transactions. With offices in Florida, New York, Pennsylvania, and Massachusetts, the company delivers tailored solutions for clients’ needs.

In Northwest Florida, Ciminelli operates under the leadership of Long and Proctor. The duo, who launched Proctor & Long Commercial Real Estate in 2004, brought their local expertise to a regional stage by partnering with Ciminelli in 2020. This partnership combines corporate resources with a deep understanding of the Northwest Florida market.

“Our partnership with Ciminelli has given us the support to focus on what we do best—helping our clients succeed,” Proctor says. The firm tackles challenges like zoning regulations, market volatility, and strategic growth with confidence.

Partnering for Success 

Investment real estate is both an art and a science. By understanding the ecosystem of a deal, employing effective ROI metrics, and addressing the unique needs of owner occupants and investors, Ciminelli Real Estate Services positions itself as a trusted industry leader.

“We don’t just close deals—we build relationships and deliver results. That’s the Ciminelli difference,” Long says.

With a blend of local expertise and regional reach, Ciminelli continues to guide clients through the complexities of investment real estate in Florida’s Panhandle and beyond.

It’s impossible not to get your happy on at Latitude Margaritaville Watersound! And the fun factor just went into high gear with the grand opening of the community’s new Latitude Town Square amenity center.

Now that this dynamic playground in paradise has opened its doors to residents, the opportunities for fabulous fun, delicious food and simply “have-to-dance” live music have expanded exponentially. It gets even better — the Town Square has views that can’t be beat with all of the colorful and inviting resort-style Town Square amenities overlooking the beautiful Intracoastal Waterway.

Located on Northwest Florida’s gorgeous Emerald Coast, near Panama City Beach and the Scenic Highway 30A corridor, Latitude Margaritaville Watersound is the third of the wildly popular, award-winning Latitude Margaritaville communities — for those 55 and better who are growing older … but not up.

Latitude Margaritaville communities are inspired by the lyrics of legendary singer-songwriter and best-selling author Jimmy Buffett, whose songs evoke a passion for tropical escape and relaxation.

Latitude Margaritaville’s all-new approach to active adult living has captured the imagination of today’s vibrant 55-and-better homebuyers, with home sales exceeding all expectations.

The Town Square features a two-story Latitude Bar & Chill restaurant and second-story Overlook Bar that serve an enticing array of Margaritaville-inspired beverage concoctions and menu selections. There is a terraced amphitheater where residents can settle in and view a movie or listen to a concert while also watching a spectacular sunset over the Intracoastal Waterway. A thatched-roof bandshell has a full-size concert stage and jumbo screen, and the adjacent dance area even has a special recessed floor that provides a little give and spring for dancer comfort.

The huge lagoon-style Paradise Pool has a beach-like gradual entry and its own Tiki Island. The state-of-the-art Fins Up! Fitness Center includes an indoor pool and whirlpool spa. Tennis and pickleball courts and sports courts for bocce ball and corn hole have lighting for night play. There is even a Barkaritaville Dog Park where canine residents can get their happy on, too.

Latitude Margaritaville Watersound offers four distinct island-style home collections that capture the “no worries” tropical vibe that defines Latitude Margaritaville communities. Home collections include the Conch Cottage Collection, Caribbean Villas Collection, and Beach and Island Collections of single-family homes. Floor plans range from 1,210 to 2,568 square feet under air, with pricing from the $300,000s. Thirteen fully furnished, award-winning model homes are open daily.

Latitude Margaritaville Watersound is being developed in partnership with master developer Minto Communities USA; global lifestyle brand Margaritaville Holdings; and The St. Joe Company, one of Northwest Florida’s largest real estate development companies.

For more information on Latitude Margaritaville Watersound, call (866) 223-6780, visit LatitudeMargaritaville.com or stop by the Sales Center at 9201 Highway 79, Panama City Beach, Florida. Open Monday through Saturday, 9 a.m. to 5 p.m. CST; Sunday, 11 a.m. to 5 p.m. CST.

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Latitude Margaritaville Watersound 

(866) 223-6780  |  LatitudeMargaritaville.com

In Northwest Florida, the Defense Leadership Forum (DLF) is known for organizing the Air Force Contracting Summit, which has been a high-profile event for the past 10 years. DLF, a public service organization, is also active throughout the United States, holding summits nationwide throughout 2023.

The Southwest Defense Contracting Summit was held in Tucson, Arizona, on April 24–25. The fourth annual summit provided the latest information on military contracting opportunities throughout the Southwest U.S., from Texas to California, and focused on contracting with military installations.

The summit featured presentations from military officials representing U.S. Army Garrison Fort Huachuca in Arizona, U.S. Army Garrison Fort Hunter Liggett in California, China Lake Naval Air Weapons Station in California and Naval Air Station Corpus Christi.

Held at the Native American-owned Casino Del Sol, the summit featured an important session on teaming opportunities with Tribal/Native American 8(a) corporations.

Three general sessions focused on subcontracting opportunities with prime defense contractors Raytheon, SAIC, CGI Federal, and Jones Lang LaSalle. The Pentagon sent senior officials to discuss acquisitions and contracting, military-community partnerships and small business contracting priorities and opportunities.

The ninth annual Navy Contracting Summit, held in Virginia Beach on June 8–9, featured participation by 10 Navy commands, bases and offices; presentations by the Marine Corps Installations Command, U.S. Army Corps of Engineers and GSA; and the latest on massive new shipbuilding subcontracts at the nation’s top military shipyards.

The Pacific Defense Contracting Summit is scheduled for Oct. 17–19 in Honolulu, Hawaii.

It has become increasingly important because top congressional and Department of Defense Leaders consider the Indo-Pacific to be our most important long-term military theater.

Billions of new dollars are being allocated for new contracts because of the rapidly escalating threat of Chinese military aggression, along with an unstable North Korea.

To round out the year, the Northwest Florida Economic Summit will be held Nov. 28–29 in Panama City.

It will focus on ways to broaden Northwest Florida’s defense and infrastructure projects. Following the theme of the other summits, it will address how small and mid-sized companies can be awarded contracts in Northwest Florida.

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Want to Go?

Find out about more Defense Leadership Forum initiatives, as well as all upcoming summit and networking events, by visiting usdlf.org. For details on the 2023 Northwest Florida Economic Summit, visit NorthwestFloridaLeadershipForum.org.

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Northwest Florida Military Report

More than 700 military and government officials, business associations and defense contractors participated in the 10th annual Air Force Contracting Summit on Feb. 7–8, 2023, at the Hilton Sandestin Beach Golf Resort & Spa.

Almost 30 military and industry speakers filled the two-day program, organized by the Defense Leadership Forum, a public service organization. U.S. Rep. Neal Dunn (FL-2) provided the Summit Keynote Address.

Air Force presentations were provided by a host of installations, directorates and commands. Additional government presentations were provided by NASA SEWP and NITAAC.

Industry presentations were provided by AT&T Defense & National Security; Bank of America; Capitol Integration; Horsley Construction Group; Lockheed Martin; Mohawk Valley Materials; National Energy U.S.A.; Raytheon Intelligence & Space; Schneider Electric; and Unanet.

Congressman Dunn, who serves on the House China Select Committee, said that with rising tensions and risks, especially from China, the nation needs private-sector contractors and experts working in concert with uniformed military.

“My experience in Congress has taught me that if you can get the state and local partners, such as the people at this summit, the tools to understand and strengthen supply chains in their regions — and then get out of their way — they become better partners for providing for our national security,” Dunn said.

Of special interest to the audience was a presentation on the multi-billion dollar reconstruction program for Tyndall AFB provided by Col. Patrick Combs, Deputy District Commander, Mobile District, U.S. Army Corps of Engineers.

Lt. Col. (USAF Ret), Steve Loken, deputy base civil engineer at Hurlburt Field, provided an update on the latest Air Force energy resilience contracts. Wayland Patterson, chief of the Air Force Contract Augmentation Program (AFCAP), provided insight into Air Force contingency contracting. And Claire Reynolds, representing the U.S. Army Partnership Program in the Pentagon, provided details on the latest military base/community partnerships.

The 11th Annual Air Force Contracting Summit will take place in February 2024. See usdlf.org for particulars.

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Construction projects bring plans to fruition through a blueprint, a detailed plan, quality materials and a talented team. At JM Phelps Construction, project managers Lance Youngblood and Buck Henry are stewards of that process.

JM Phelps president and CEO Justin Phelps has long put cultivating strong relationships at the center of his business. As a result, he enjoys repeat customers including CEFCO and St. Joe Properties. Phelps stresses the importance of relationships to members of his team.

Before becoming a project manager with JM Phelps four years ago, Lance Youngblood worked in the restaurant industry, beginning as summer employee and eventually becoming a franchisee. He worked with general contractors to build new restaurants.

Youngblood became friends with Phelps, who was looking to expand his business. While Youngblood had a lot to learn about construction, he was already a people person experienced in growing and managing companies.

Buck Henry has worked in construction, specializing in structural concrete, underground utilities and site work, since 2007. Henry had been friends with Phelps for many years, when Phelps made him aware of an open position with his company. In October 2021, Henry joined Youngblood as a project manager. The two primarily manage projects for CEFCO, averaging six or more locations per year.

From the bidding process to the grand opening, Youngblood and Henry work with their clients every step of the way. They provide market knowledge, value analysis, design coordination, materials procurement and advice on innovative tools and processes while managing a team of superintendents and contractors.

“I always answer my phone, and some may see that as a downfall, but it’s how we gain repeat customers who trust us, who know their time is valued and that we will provide them with the exact results they want,” Henry said.

Youngblood often draws upon his experience as a customer of construction companies.

“A lot of work and coordination goes into these projects, which makes handing over the keys to the owner all the more rewarding,” Youngblood said. “We may finish a project, but the client knows we are always there to help. We build a lot of buildings and even more relationships.”

JM Phelps Construction
(850) 818-0210  |  jmphelpsconstruction.com

Tallahassee International Airport (TLH) has begun construction on the International Processing Facility, a $28 million project that will accommodate international flights and provide for the shipment of worldwide goods into and out of Tallahassee.

“This facility sets the stage for a broader economic impact to this community and the entire Northwest Florida region,” said David Pollard, City of Tallahassee director of aviation. “This project came about by listening to our business community and working with city leadership and airport staff to set strategic and bold goals that will move the airport forward as a major economic generator.”

The International Processing Facility is a component in the City of Tallahassee’s Five-Year Strategic Plan to enhance and expand the airport’s economic standing raising it from an annual $599 million to $1 billion.

The initial planning began in 2014 and was approved by the Federal Aviation Administration and the Florida Department of Transportation. On May 17, 2022, ground was broken on the 30,000 square foot addition to the airport which will contain two swing gates allowing domestic and international flights.

Upon completion in 2024, the terminal will house United States Customs and Border Protection approved international port-of-entry and a federal inspection station.

The airport will be recognized as a foreign trade zone, a designation that facilitates and expedites international trade.

Accommodations include large commercial flights as well as smaller general aviation or business flights, welcoming both those of Tallahassee’s business community and leisure travelers. Within seven years, the project is expected to create 1,600 jobs.

“This is such an exciting time for our community. By 2024 when this facility will be complete, Tallahassee International Airport will serve 1 million passengers and process 22 million pounds of cargo annually, with 100 additional acres of land leased to companies doing business in Northwest Florida. This project is a gamechanger,” Mayor John E. Dailey said.

Alongside the International Processing Facility, Tallahassee International Airport is continuously making improvements to the traveler experience. As part of the current modernization project TLH customers can expect to see a Dunkin’ added to the terminal, stronger wireless connection, seating upgrades, more outlets, more work-centric spaces and replacement of passenger loading bridges.

Other projects in the works include negotiating an agreement for private partnerships that would invest in the airport. The combined agreements would lease upwards of 89 acres of land providing a $135 million capital investment into the airport.

“We work to provide safe, secure, convenient and customer friendly travel with an eye towards current and future capacity needs,” said Pollard. “We want to provide the best travel experience possible while being an economic engine that takes this city places.”

TLHAirport.com

The companies that shaped Justin Phelps’ professional development are the same companies that build some of the most substantial projects in the region.

While working and growing in his construction career, Phelps aspired to becoming one of those industry leaders. The president and CEO of his own company for 10 years now, Phelps has joined the ranks of the big players.

JM Phelps Construction specializes in small retail and light industrial projects including medical facilities, gas stations, restaurants and marinas. He is not alone in that. What sets his company apart is its people.

Phelps and his team are part of the next generation of contractors — innovative, enthusiastic and efficient individuals who tailor design solutions to each of their projects.

JM Phelps Construction is attracting notice, especially among contract administrators who have discovered its reliability and Phelps’ skill in relationship building.

“For a long time, there have been a handful of general contractors who have controlled the market share,” said Phelps. “I grew up working for them and admiring what they did. It’s cool to see a new generation of contractors, myself included, come along and start taking the reins as well.”

Phelps’ stellar reputation and growing list of completed projects led the St. Joe Company to hire JM Phelps Construction as their preferred retail/light industrial contractor.

Phelps is currently building the 53,000-square-foot St. Joe Marina featuring a boat barn that will store boats up to 42 feet in length. A fueling station, storm infrastructure, parking and dining/retail space also figure in the project. The new structure will replace one that was lost to a storm and was half the size of the facility now under construction.

“It’s not exactly easy to get St. Joe work,” said Phelps. “The opportunity to do big, influential projects with them is something I am immensely grateful and proud of.”

JM Phelps construction
(850) 818-0210  |  jmphelpsconstruction.com

A dazzling roster of celebrity winemakers, mixologists and chefs will converge April 21-24, 2022 in idyllic South Walton’s Grand Boulevard Town Center to wine, dine, educate and entertain guests as part of the four-day celebration of wine, spirits, food, music, fun and goodwill.

Celebrating 10 years in 2022, the South Walton Beaches Wine & Food Festival — an award-winning, nationally ranked event — draws wine and food industry icons such as Peter Mondavi, Jr., Marc Perrin, Don Hartford, Cristina Mariani-May, Jean-Charles Boissett, Norman Van Aken and South Walton’s own Chef Emeril Lagasse and many more. Given the caliber of A-list participants, it’s no wonder USA Today touted it as “one of the South’s standout food and beverage festivals.”

Here, we provide a personal “tour” of the highly anticipated highlights planned for the ninth year of this popular charity event.

The Festival kicks off in fine wine fashion in the Culinary Village with a VIP Wine Tasting on Friday from 4 to 6 p.m. Delivering the ultimate wine experience, limited tickets are sold to this exclusive event which gathers you with fellow wine lovers and top wine celebrities. Whether an aficionado or novice, you will sip rare and collectible wines from your commemorative XL Riedel glass and savor high-end food tastings created by the chefs of Grand Boulevard and South Walton’s rave restaurants. Relax; your VIP status gives you express entry into Friday’s Craft Beer & Spirits Jam as well as Saturday’s and Sunday’s Grand Tastings.

Keep the party going at the best block party of the year in the Town Center and Grand Park with Friday night’s Craft Beer & Spirits Jam from 6 to 9 p.m. Taste and enjoy specialty craft beers and spirits from the hottest breweries and distilleries in the country. Meet the makers of these lively libations, and chat up master mixologists as they craft creative cocktails. Nosh on fantastic food all along EATS Street, and jam to live music.

Before, you swirl a single wine at the Grand Tastings (Saturday and Sunday from 1 to 4 p.m.), take a moment to download the Festival wine list from the newly refreshed Sowalwine.com website. Create your own custom wine tour by mapping out the tent locations of favorite “friends” and a few you’d like to “meet.” Having a plan is wise when there are more than 600 domestic and imported wines to discover. But wine isn’t all there is to drink in. Included in your ticket price are Savor South Walton Culinary Village, Tasting Seminars, Rosé All Day Garden, Spirits Row, chef demos and the Nashville Songwriters Showcase. Cheers to that!

Each year, wine A-listers come to showcase trending wines, which infuse the event with fresh excitement. A must-not-miss this year is Château Minuty, the global leader in luxury Cotes de Provence Rosé, which will be making a special appearance. Château Minuty abounds in leading beach clubs, restaurants and luxury retailers from Saint-Tropez to Monaco and beyond. Join in the celebration of the French Riviera lifestyle, personified by these luxury rosé wines. Sample the Château Minuty wines with pairings by top local proprietor/chefs along with the VINTUS wine team. Master Sommelier Craig Collins will be presenting exciting educational seminars in Grand Park.   

Wine is best shared and paired. Food is in the name of this Festival for good reason. Top chefs from near and far gather at the Festival to present their artfully curated creations designed to pair with the wines being poured. Foodies will delight in the delicious dishes artfully orchestrated by local Festival Culinary Director Scott Plumley throughout the Savor South Walton Culinary Village and peppered along EATS Street — the feast of flavors will satisfy and surprise.

What pairs with good food and wine? Great music! Amplifying the atmosphere is the Great Florida Event’s Nashville Songwriters Showcase, creating a sensational live “soundtrack” of the Music City’s top talent.

The toast of the event is surely Destin Charity Wine Auction Foundation (DCWAF), the beneficiary of this charity event. The Festival works in concert with DCWAF — of the nation’s Top Charity Wine Auctions in the U.S. — to raise funds for children in need in Northwest Florida.

Whether your tasting tour has led you to an old flame or a new love, you can purchase your favorite wine discovery in the Retail Wine Tent located on-site.

To purchase tickets and learn the latest, visit Sowalwine.com.

495 Grand Blvd, Miramar Beach, FL 32550  |  (850) 837-3099 ext. 203  |  SoWalWine.com