Monday, May 2, 2016

Trion Properties Repositions 1920s Value-Add Multifmaily Asset in Los Angeles, CA; Triples Equity for Investors

The Eleanor Apartments, 412 South Lake Street, Los Angeles, CA

Max Sharkansky
Los Angeles, CA (May 2, 2016) – Trion Properties, a Los Angeles-based private equity firm with a niche focus on value-add multifamily investments, has successfully repositioned and rebranded The Eleanor, a 41-unit 1920’s boutique apartment community at 412 S. Lake Street in Los Angeles, more than tripling its equity since its acquisition in 2013, according to Max Sharkansky, Managing Partner of Trion Properties.

Situated in a gentrifying neighborhood directly west of downtown Los Angeles, the multifamily property was neglected during its prior ownership and was completely vacant upon acquisition, presenting a strong value-add opportunity, according to Sharkansky.  Trion took the asset from zero to 100 percent occupancy within 30 months.

“Urban infill product throughout Los Angeles is making a tremendous comeback due to the lack of developable land available and the upward pressure on rents throughout the region,” explains Sharkansky.

“Our overall strategy to identify and reposition ‘diamond in the rough’ assets allowed us to immediately recognize the deep potential in this property and integrate a comprehensive renovation plan that preserved the integrity of its original vintage charm while also significantly driving value for the asset in record time.”

Mitch Paskover

Continental Funding Group, a Los Angeles-based mortgage banking firm, secured the refinancing on behalf of Trion Properties for a total of $6.1 million - a 67 percent loan to value. The non-recourse loan was secured at a rate of 3.5 percent for a five year term.

“Our firm secured financing for Trion’s initial acquisition of this asset in 2013,” notes Mitch Paskover, President of Continental Funding Group.  “Based on the tremendous transformation of the property and the equity that Trion built in its initial years of ownership, we were able to source and secure a competitive cash-out loan that keeps Trion moderately leveraged on the asset.”

For a complete copy of the company’s news release, please contact:

Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

New York Life Signs 3,923-Square-Foot Lease at 55 Allen Plaza in Downtown Atlanta

Hunter Henritze
ATLANTA, GA (May 2, 2016) – New York Life has signed a new 3,923-square-foot lease at 55 Allen Plaza, located in downtown Atlanta.

Hunter Henritze and Michael Howell of Lincoln Property Company Southeast (Lincoln), along with Porter Henritze of Cushman & Wakefield, represented the landlord in the transaction, and William Probst of JLL represented the tenant.

“55 Allen Plaza is without a doubt one of Atlanta’s best Class A office buildings, featuring unmatched interstate access in downtown Atlanta,” Henritze said. 

“The property’s prime location and top-of-the-line amenities make it an extremely desirable property, so much so that 55 Allen Plaza was recently awarded The Outstanding Building of The Year Award from The Building Owners and Managers Association of Georgia.”

The LEED Gold-certified, 348,658-square-foot Class-A office building is part of the Allen Plaza mixed-used development. 55 Allen Plaza is located within walking distance of restaurants, the W-Atlanta Downtown Hotel & Residences, growing retail, and Centennial Olympic Park. In 2013, 55 Allen Plaza was designated as a BOMA 360 Performance Building for high standards in building operations and management.

For a complete copy of the company’s news release, please contact:

Savannah Durban
The Wilbert Group

HSA Commercial Secures 120,000 SF Lease with Trifinity Partners at Delany Commerce Center in Waukegan, IL

Tim Thompson
CHICAGO. IL — Chicago-based HSA Commercial Real Estate today announced the firm has completed a 120,249-square-foot lease with Trifinity Partners at Delany Commerce Center in Waukegan, Ill.

Trifinity, a third-party logistics firm that services major retailers and has operated in Lake County for over 20 years, will take immediate occupancy of the distribution center at 2431 Delany Road, relocating from another facility nearby.

The 218,500-square-foot building at 2431 Delany Road is the first distribution center at Delany Commerce Center, developed by HSA Commercial Real Estate in partnership with Great Point Investors. With the Trifinity lease, there is approximately 100,000 square feet still available in the property.

The remaining space, which can be divided into suites as small as 23,600 square feet, offers 30’ clear heights, 14 truck docks, a drive-in door and 300 parking spaces, along with convenient access to both Highway 41 and Interstate 94. An adjacent 12-acre lot is available for larger, build-to-suit requirements.

Tim Thompson, executive vice president and managing director of the Industrial Services Division of HSA Commercial Real Estate, represented ownership in the lease transaction. Transwestern Principal Tom Boyle and Director Jared Paff represented the tenant.

For a complete copy of the company’s news release, please contact:

Abe Tekippe,, (312) 267-4528

Kim Manning, , (312) 267-4527

JLL Industrial Experts Predict a Hot Year for Phoenix, AZ Cold Storage Space

Anthony Lydon
PHOENIX, AZ – Industrial experts in the Phoenix office of JLL are predicting a very hot year for Phoenix cold storage space – which is defined as industrial buildings that cater to food and beverage users. Traditionally, this category of space combines office/back office product with industrial-grade, climate controlled areas for freezer, cold storage and dry storage activity.

“There are more than a dozen food and beverage users actively looking in our market right now for cold storage space, but this is very specialized inventory that is expensive to build, and it is never developed on a speculative basis,” said JLL Managing Director Anthony Lydon.

“That makes it challenging for tenants in the market to find space that is just the right size, with just the right mix of amenities to meet their needs. It is a signature proposition.”

For more information from JLL’s Q1 industrial market reports, visit

For a complete copy of the company’s news release, please contact:

Stacey Hershauer
 +1 480 600 0195
 Email: or