Tuesday, May 30, 2017

Evergreen Real Estate Group Celebrates Grand Opening of Grandbrier of Prospect Heights in Prospect Heights, IL

Grandbrier of Prospect Heights Independent Assisted Living and Memory Care Community, Prospect Heights, IL

CHICAGO, IL (May 30, 2017) – Evergreen Real Estate Group, together with Pathway Senior Living, recently celebrated the grand opening of Grandbrier of Prospect Heights, a 101-unit independent, assisted living and memory care community in Prospect Heights, Ill.

 Prospect Heights Mayor Nicholas "Nick" Helmer was among the honored guests at the grand opening celebration, held on May 10. 

Diane Reier

The mayor joined Steve Rappin, president of Evergreen Real Estate Group; Diane Reier, lifestyle specialist at Grandbrier; and other area civic and business leaders for a ribbon-cutting ceremony to commemorate the opening.

During the event, guests enjoyed guided tours of the property and had the opportunity to speak with Grandbrier team members about the community’s residences and service offerings. Live music by the Paris Swing band played in the background while guests mingled and enjoyed appetizers, wine and other refreshments.

Steve Rappin
“It was really an exciting and grand event,” said Helmer. “Grandbrier of Prospect Heights is a beautiful community that will provide local area seniors and their loved ones with one of the finest assisted living and memory care facilities in the area.”

Located at 708 N. Elmhurst Road, Grandbrier of Prospect Heights includes a three-story, 69-unit independent and assisted living facility, as well as a single-story, 32-unit building for residents requiring memory care services.

Independent and assisted living residents can choose from spacious one- and two-bedroom floor plans, all of which include in-unit laundry and eat-in kitchens with large islands. Optional services will be available for residents requiring assistance with daily living activities.

“The opening of Grandbrier supports the city of Prospect Heights' commitment to caring for its growing senior population by offering a variety of housing options in a single state-of-the-art facility,” said Rappin. “This full spectrum of care allows seniors to comfortably age in place while receiving essential services and enjoying a vibrant, social atmosphere.”

Shared independent and assisted living amenities include indoor and outdoor dining venues; an outdoor living room with fireplace and grill; resident gardens; an on-site theater; library with technology center; chapel; salon and spa; and demonstration kitchen for chef presentations and resident cooking classes. Residents will also have access to a wellness suite, complete with physician offices and a therapy gym.
Mayor Nicholas J. Helmer
The memory care building offers a safe and secure environment with common areas including indoor/outdoor gardens, an outdoor walking courtyard and indoor circular walkways. It includes three residential wings, each with a cluster of private bedrooms surrounding a shared living room, family room, residential-style kitchen and dining room.

Grandbrier’s memory care residents also benefit from A Knew Day Memory Care, a groundbreaking program that has been proven to rehabilitate the brain through a process called rementia.

“Grandbrier was intentionally and thoughtfully designed to support the needs of both residents and their family members,” said Rappin. “With inviting common areas and residences that truly feel like home, Grandbrier provides a supportive environment where seniors can thrive.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

$79 million sale of 50 Congress Street in Boston closed by HFF

50 Congress Street, Lobby, Downtown Boston, MA

BOSTON, MA, May 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $79 million sale of 50 Congress Street, a 179,872-square-foot office building occupying an entire city block in the heart of Boston’s bustling downtown.

Lauren O'Neil

HFF arranged the sale of the property on behalf of the seller, an affiliate of KBS Capital Advisors, and procured the buyer, a joint venture arranged between Jumbo Capital Management and Guggenheim Real Estate.

Coleman Benedict
Originally designed by renowned architect Andrews, Jaques & Rantoul as the headquarters for State Mutual Life Insurance, the building was constructed in two phases between 1910 and 1915.  

Today, it is 90 percent leased to over 60 tenants and features a vibrant first-floor retail component.  The tenant roster includes a mix of law firm, retail, private equity and financial services tenants, with 20 percent of the tenants having been in occupancy for more than 12 years.

“Jumbo Capital is excited to bring the success it has had with revitalizing over two million square feet of suburban assets to the downtown Boston market,” said Jay Hirsh, managing partner of Jumbo Capital Management. “50 Congress Street provides an excellent canvas to create an upscale and inviting feel while restoring many of the historic features of the property”.
“Downtown Boston is one of the strongest office markets in the United States with a vacancy rate that continues to remain very low and rents that are on the rise,” said Ben Sayles, director at HFF.  

“Being located just steps from Post Office Square and directly across from the future headquarters of Digitas/Publicis Groupe at Congress Square, 50 Congress Street occupies an irreplaceable position within the urban core.”

Ben Sayles
The HFF investment sales team representing the seller was led by Coleman Benedict, Christopher Phaneuf and Ben Sayles.

Along with the sale, HFF has also been retained by the buyer to secure acquisition financing, which is being led by Lauren O’Neil.

 Founded by Peter Bren and Charles J. Schreiber Jr. in 1992, KBS is one of the nation's preeminent buyers of commercial real estate and structured debt investments. 

In August 2014, KBS was ranked by Institutional Real Estate, Inc. and Property Funds Research as among the top real estate investment managers globally, and in December 2016, National Real Estate Investor ranked KBS the ninth-largest office owner globally. 

KBS has a strong reputation in the industry for efficient and timely closing on large and complex transactions in the office, industrial, multifamily and retail sectors. KBS also originates and acquires debt positions collateralized by stabilized and value-added properties.

KBS Realty Advisors has created six institutional commingled funds, 14 separate accounts with public and corporate pension funds and five sovereign wealth funds. KBS Capital Advisors was formed in 2006 as the exclusive advisor for KBS' publicly registered non-traded REITs, which are designed to give individual investors the ability to invest in a similar type of real estate as KBS pension fund and institutional partners.

 Jumbo Capital Management, LLC (“Jumbo Capital”) is a privately held, value focused, commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 by Jay Hirsh, who left Boston-based New Boston Fund, Inc. to pursue investment opportunities brought about by the “great recession”. 

Christopher Phaneuf
Jumbo has since grown to over 30 employees with leadership having a combined 80+ years of commercial real estate experience. Jumbo Capital invests in all property types and focuses on a range of transactions from $5-$300 million. Currently, the firm manages over 3 million square feet of commercial real estate in the Greater Boston area.

 Guggenheim Real Estate, a division of Guggenheim Partners, was formed in 2002 and manages approximately $1.5 billion of client assets invested across a wide spectrum of U.S. commercial real estate. GRE’s direct property investments include 9.1 million square feet of office, industrial, retail and multi-family property throughout the United States.

Guggenheim Partners is a global investment and advisory firm with more than $260 billion in assets under management and over 2,300 employees based in more than 25 offices around the world.

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

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF closes sale of Glenwood Plaza in Raleigh-Durham, NC

Glenwood Plaza Office Building, 3605 Glwnwood Avenue,  Raleigh-Durham, NC

Ryan Clutter
 CHARLOTTE, NC, May 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Glenwood Plaza, a 133,905-square-foot, Class A office building in Raleigh-Durham, North Carolina.

HFF marketed the property on behalf of the seller, American Realty Advisors, and procured the buyer.

Glenwood Plaza is situated on a ground lease across 8.8 acres at 3605 Glenwood Avenue, along the prestigious Glenwood Avenue corridor in West Raleigh.  

This “inside the beltline” location has superior regional connectivity via Glenwood Avenue/Highway 70 and Interstates 440 and 40, and easy access to Carolina Country Club, Crabtree Valley Mall, Downtown Raleigh, NC State University and PNC Arena.

 The five-story, fully leased property is anchored by BB&T Corporation and also functions as the headquarters for the law firm Manning, Fulton and Skinner, PA. 

The HFF investment sales team representing the seller was led by director Scot Humphrey, senior managing director Ryan Clutter and associate director Chris Lingerfelt.

Chris Lingerfelt
“Glenwood Plaza is one of the premier office buildings in the Raleigh market,” said Humphrey.  “The prestige of this location, coupled with the robust economic growth occurring in Raleigh-Durham right now, generated a significant amount of investor interest in the offering.”

“We anticipate institutional interest will continue to intensify across the region over the balance of the year as the market’s fundamentals continue to outperform other peer markets,” added Humphrey.

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

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

BLT Enterprises Expands San Diego, CA Footprint; Acquires Industrial Building in North San Diego for $9 Million

Bernard Huberman
SAN DIEGO, CA (May 30, 2017) – BLT Enterprises has acquired a 60,000 square-foot industrial building in the North San Diego submarket of Carlsbad, California from El Cedro, LLC for $9 million. As part of the transaction, El Cedro leased-back the entire property for three years. 

This acquisition comes on the heels of BLT’s recent purchase of a 71,000 square-foot flex industrial building in Kearny Mesa, which brings the firm’s holdings in San Diego to more than 600,000 square feet, according to Bernard Huberman, Founder and President of BLT Enterprises.

“These recent acquisitions complement our current holdings in San Diego, which includes properties in Sorrento Mesa, Carlsbad and Kearny Mesa,” says Huberman. 

“We continue to focus on these core submarkets due to their low vacancy, high demand, and significant barriers to entry.  In fact, we are about to break ground on a state-of-the-art 63,000 square-foot industrial building in Kearny Mesa.”

 San Diego’s combined industrial/R&D ended the first quarter of 2017 at 4.9 percent according to a report by Colliers.

“We see an opportunity to make significant improvements to this property to drive tenant demand and capture competitive rental rates as the lease rolls,” says Huberman. “Until such time, the sale-leaseback structure allows us to enjoy stabilized cash flow as we plan the property upgrades.”

Ron Jacobson
Located in the premier Carlsbad Research Center, the property is adjacent to McClellan-Palomar Airport, and features 26’ warehouse clear heights, 10’ x 10’ truck well loading doors, 12’ x 12’ ground level doors, 180 parking spaces, and a secured gated loading area.

Comprised of a two-story lobby with a mix of private and open area offices, the property is located at 5940 Darwin Court in Carlsbad, California.

Ron Jacobson of SD Realty Partners represented BLT Enterprises as the buyer in this transaction.  The seller, El Cedro, LLC, was represented by David Steffy of Palomar Commercial.

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

Elisabeth Manville / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

SummerHill Apartment Communities Celebrates Completion of Villas on the Boulevard Apartment Community in Santa Clara, CA

Villas on the Boulevard, 2615 East El Camino Real, Santa Clara, CA

Robert Freed
SAN RAMON, CA -SummerHill Apartment Communities, a division of SummerHill Housing Group and a leader in providing quality, smart growth, multi-family rental housing and mixed-use developments, recently celebrated the completion of Villas on the Boulevard, a new 186-unit luxury residential rental community located at 2615 East El Camino Real in the City of Santa Clara, Calif.

“We are very excited to open our latest multi-family project in the heart of Silicon Valley,” said Robert Freed, CEO of SummerHill Housing Group. “We are grateful for our collaboration with the City of Santa Clara, who made this new community possible.” 

Located steps from shopping and restaurants, Villas on the Boulevard includes a mix of one- and two-bedroom luxury apartment homes ranging in size from 758 to 1,378 square feet. The well-appointed apartment homes are energy- and water-efficient and include expansive windows, a gourmet kitchen with stainless steel ENERGY STAR® appliances and European-style cabinetry, wood-style flooring, quartz countertops, spacious kitchen pantry, in-unit full-size washer and dryer, large walk-in closets, private storage units and balconies or patios.

Villas on the Boulevard also includes alternative transportation amenities such as electric vehicle charging stations, a resident carpool web portal and secure bicycle storage and repair facilities. Other amenities include a resident lounge with an entertaining kitchen, cyber café, conference room, state-of-the-art fitness center, resort-style swimming pool with a spa, poolside cabanas, outdoor kitchen with lounge seating and fireplace, green space for recreation, and a pet spa with washing station and grooming table.

Manny Gonzalez
According to Freed, the amenity courtyards provide a series of outdoor “rooms” for residents to gather and socialize. The main courtyard adjacent to the club and fitness rooms includes the pool, spa and BBQ area. 

A breezeway connects residents to a second courtyard with an outdoor kitchen and amenities, living room with a fireplace, and a bocce ball court. 

Additional amenities include a nearly half-acre pedestrian promenade and a fitness par course along the side of the building creating a buffer to the existing single-family neighborhood. 

Designed by international award-winning KTGY Architecture + Planning, Villas on the Boulevard features a four-story residential building over a one-story partially subterranean garage. As part of the development, SummerHill widened the sidewalk and added street trees and landscaping, and tiled stoops leading to the apartment homes. The apartment community’s new public plaza highlights the adjacent Saratoga Creek and a new crosswalk constructed on El Camino Real to give residents safe access to the neighborhood shopping center across the street.  

"We designed The Villas on the Boulevard in Mission style architecture that the City of Santa Clara and El Camino are known for,” said Manny Gonzalez, FAIA, LEED AP and principal at KTGY in Los Angeles. “We took great care to address the adjacencies of the property by introducing ground-floor stoops along the El Camino frontage in order to bring more pedestrian scale to the building along El Camino and stepping the back portion of the building down in scale with the goal of minimizing privacy impacts on the existing single-family homes.”

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

Anne Monaghan