Tuesday, September 17, 2019

Atlantic Health System makes full investment in Rockaway, NJ; Buys Health Pavilion building for nearly $26 million


Trish O'Keefe

ROCKAWAY, NJ –– Atlantic Health System, a leading health care provider in New Jersey, recently purchased the building and property housing the Morristown Medical Center Health Pavilion in Rockaway, underscoring both its full investment in the facility, as well as its full commitment to the community.

Paul Marmora
The Pavilion, opened in 2016, offers several of Morristown Medical Center’s nationally-recognized services in a location more convenient for people from Mount Arlington, Denville, Dover, Boonton, Morris Plains, Wharton, Roxbury and Randolph.

The location is also convenient for people commuting through the town, as it offers early/late hours and an easily accessible location from major highways.

The $25.9 million sale of the 92,326-square-foot building located at 333 Mount Hope Avenue next to the Rockaway Town Square Mall was closed by JLL.


The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz and Director Ben Appel.


                   Jose Cruz

Atlantic Health System had been the sole tenant of the building, which is situated on 8.28 acres. 

When the joint owners opted to sell the building, Atlantic Health System bested offers from 19 other potential buyers, seeing great value in owning the building outright to expand its services and meet the health needs of the community.

The numerous services included in the Pavilion provide care to more than 11,000 patients per month. Atlantic Health System plans to add an ambulatory surgery center and more exam rooms for expanded services in the coming months.

“With an already strong demand from the community at the Pavilion at Rockaway, we decided to fully invest in the location, allowing us free rein to enhance the services there to better meet the needs of our patients,” said Paul Marmora, Vice President, Ambulatory Care for Atlantic Health System.

Ben Appel
“Since it opened in 2016, the Health Pavilion has seen incredible growth, which speaks to the demand for Morristown Medical Center’s nationally recognized programs and services in the Rockaway area,” said Trish O’Keefe, PhD, RN, president of Morristown Medical Center.

“We continue to work with the community to deeply understand its unique health needs, and, with full ownership of the building, we can expand and enhance our services to best meet those needs.”

CONTACTS:

Kimberly Steele
Digital Content/PR Specialist
JLL Capital Markets
9 Greenway Plaza, Suite 700
Houston, TX  77046
T +1 713 852 3420


 Rob Seman
Telephone   973-660-3145



Camille Renshaw named one of New York Real Estate Journal’s 2019 Women in Real Estate



Camille Renshaw

NEW YORK, NY, Sept. 17, 2019 – Camille Renshaw, Chief Executive Officer of B+E, is one of the New York Real Estate Journal’s “2019 Women in Real Estate.”

The annual honor recognizes achievements by women engaged in specialized industries including 1031 Exchange, Commercial Brokerage and Commercial Mortgage Lending.

Launched by Renshaw and her cofounder Scott Scurich in December 2017, B+E is a modern investment brokerage firm, specializing in net lease real estate and 1031 exchange. 

 Scott Scurich
 With offices in New York, Chicago, San Francisco, Atlanta and Tampa, B+E boasts the first NNN trading platform consisting of user-friendly dashboards, real-time predictive pricing and an AI-driven exchange -- all leveraging the largest data set in the NNN industry.

Contact:

John Vita
John Steven Vita Communications
847/853-8283

JLL arranges $53 million bridge loan for Chelsea Square in Manhattan, NY


Kristen Knapp

JLL worked on behalf of the borrower, HSP Real Estate Group, to secure the three-year financing through Ladder Capital.   

Chelsea Square is located at 251 West 30th Street between 7th and 8th Avenues at the intersection of the Chelsea, NoMad and Hudson Yards neighborhoods.  

Christopher Peck

The location places the property within steps of New York Penn Station, Madison Square Garden, The Shops at Hudson Yards and several luxury rental properties such as Abington Houston, One Hudson Yards, The Eugene and The Lewis. 

 In addition, the property has unparalleled transit connectivity with immediate access to 14 subway lines, as well as the PATH, NJ Transit, the Long Island Rail Road and Amtrak. 

Originally built in 1927, Chelsea Square was significantly renovated in 2017 and features flexible, boutique floorplates ranging from 5,000 to 8,000 square feet, exposed ceilings, polished concrete floors and outdoor terraces on select floors.  

Peter Rotchford 
The property also offers tenants a collaborative 2,250-square-foot amenity area where tenants with barista bar, lounge seating separate meditation/yoga room and bathrooms with showers.

The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Peter Rotchford and Associate Kristen Knapp.

Chelsea Square is located at 251 West 30th Street
between 7
th and 8th
 Avenues at the intersection
of the Chelsea, NoMad and
Hudson Yards neighborhoods.
  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.




Contact:

 Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 848 1572


Monday, September 16, 2019

JLL closes sale and financing of Copper Canyon Apartments in Highlands Ranch, CO


Pam Koster

DENVER, CO  JLL announced it has closed the sale and financing of Copper Canyon, a 222-unit, garden-style apartment community in the Denver suburb of Highlands Ranch, Colorado.

JLL marketed the asset exclusively on behalf of the seller and procured the buyer, CARROLL.

 Additionally, JLL worked on behalf of the new owner to secure a 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo lender.

Dave Martin 

Copper Canyon is located at 3880 E. County Line Road near the intersection of C-470 and University Boulevard. The community, which is situated on 13 acres, offers residents easy access to employers in and around the Denver Tech Center, metro Denver’s premier employment center. 

Copper Canyon consists of a mix of one-, two- and three-bedroom units averaging 884 square feet that feature fully equipped kitchens, garden tubs, in-unit washers and dryers, spacious closets and balconies with mountain views. 

Community amenities include a swimming pool with heated spa, courtyard with grilling area, 24-hour fitness center, business center, playground and detached garages. The property was approximately 96 percent occupied at closing.

Brian Mooney

The JLL Capital Markets team that represented the seller was led by Managing Directors Dave Martin and Pam Koster and Vice President Brian Mooney.

JLL’s Capital Markets team that arranged the acquisition financing for the borrower/buyer was led by Managing Director Matt Steffen.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Matt Steffen

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.



Contact: 

Olivia Hennessey, JLL Public Relations Specialist
Phone: +1 713 852 3403
Email: Olivia.Hennessey@am.jll.com

jll.com
www.CarrollOrganization.com

Levin Johnston Directs Two Property Trades Totaling $28.6 Million in California Bay Area



Woodgate Apartments, 1950 Montecito Avenue, Mountain View, CA 

BAY AREA, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the acquisition of a newly renovated office in Redwood City, California, along with the sale of an apartment community in Mountain View, California, for a total transaction volume of $28.6 million.

Levin Johnston represented a single client as the buyer in the Redwood City office transaction and as the seller in the Mountain View sale—part of a successful 1031 exchange directed by Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston.

 “With this exchange, we were able to both secure a competitive price for the multifamily asset, as well as help diversify our client’s portfolio by identifying a high-yielding office building in the desirable Redwood City market, which will create long-term wealth and stability for years to come,” explains Levin.

558 Brewster, Redwood City, CA includes two floors of office space

“These transactions demonstrate our capabilities to go beyond a transactional mindset and serve as wealth and investment advisors for our clients.”

The 1031 exchange began with the $22.5 million sale of Woodgate Apartments, a 34-unit multifamily community in Mountain View, and concluded with the $6.1 million acquisition of 558 Brewster, a newly renovated, single-tenant office building totaling 5,580 square feet in Redwood City.

 “A unique investment opportunity in a top-performing market, 558 Brewster is a perfect fit for an experienced investor looking to expand their portfolio,” says Johnston.

Adam Levin

“The demand for quality office product is at an all-time high. Future job growth in Redwood City is projected to be 37 percent over the next 10 years, surpassing the U.S. average of 33.5 percent.”

The area benefits from its proximity to Silicon Valley, attracting major tech companies including Apple, Inc., Tesla, Yahoo, and Microsoft, among many others.

“The investment appeal of 558 Brewster is driven by Redwood City’s core downtown location, strong employment fundamentals, and low vacancy levels, as well as its close proximity to major employers and transportation corridors,” Levin adds.

Originally constructed in 1981 and renovated earlier this year, 558 Brewster includes two floors of office space.

Situated in a prime corner office location of Brewster Avenue and Winslow Street, the property is in walking distance to a Caltrain station and downtown Redwood City.

The asset also features ample on-site parking, a carport, storage areas, and high-quality kitchen facilities.

           Robert Johnston
Located at 1950 Montecito Avenue in Mountain View, California, Woodgate Apartments is in close proximity to Highway 85 and Highway 101, offering direct access to the entire Bay Area. Originally constructed in 1976, the property offers studios, one- and two-bedroom apartments, as well as laundry facilities and covered parking.

Levin Johnston has completed over $300 million in sales in 2019 to date, demonstrating continued health in the commercial real estate market in this region. For more information about the firm’s $100 million in available properties, visit www.levinjohnston.com.

Contact:

Alex Caswell / Jenn Quader 
Brower Group
(949) 438-6262


AEI Consultants Adds Industry Veteran Jame While as Director, Europan Markets as Part of Continued Expansion

  
James While
            WALNUT CREEK, CA and BIRMINGHAM, UK - AEI Consultants, a leading commercial real estate assessment and consulting firm, has announced the addition of James While as Director, European Markets.

While brings more than 25 years of experience in marketing and business development across the engineering, property, infrastructure, environmental, and sustainability sectors.

David Hodge
He will work alongside David Hodge, Director, European Operations at AEI, to further the firm’s expansion in the European market, as well as deepen its range of services for U.S.-based, European, and other global stakeholders.
           
“James While’s experience, leadership, and significant industry relationships will continue to enhance AEI’s client services in the European market,” says Hodge. “His unparalleled enthusiasm and proven track record of impactful results make him a perfect addition to our global team.”
           
While says: “AEI’s collaborative culture offers an unprecedented opportunity for all. I am pleased to join this team of driven and dedicated professionals whose true desire to think beyond geographical borders will continue to provide stability and growth for all of our clients.”
           
 Contacts:

Lisa James / Elisabeth Manville
Brower Group
(949) 438-6262


Silicon Valley Multifamily Expands Bay Area Presence with Two New Brokers


Ting Liu
LOS GATOS, CA, Sept. 16, 2019 – Bay Area multifamily brokerage firm Silicon Valley Multifamily Group (SVMG) has expanded with two veteran brokers, Chip Trimmier and Ting Liu.

Together, they will focus on growth opportunities in San Mateo and Alameda County, including the ability to better serve Mandarin-speaking clients.

“Our objective since day one has been to provide high-quality investment advice for those looking to buy or sell Bay Area multifamily and commercial investment properties,” said Michael Shields, CCIM, Founder and Managing Broker for Silicon Valley Multifamily Group.

Charles (Chip) Trimmier 
“Chip and Ting bring a unique skillset to that mission, allowing us to help clients navigate and succeed through major market shifts such as rent control and global economic uncertainty.”

Trimmier and Liu will continue SVMG’s efforts to provide brokerage and 1031 exchange services, as well as short-term and crisis property management solutions to both English and Mandarin-speaking clients.

Trimmier has been a real estate professional since 2004, founding a title company, a property management company and simultaneously serving as general counsel and business developer for a government contractor located in the Washington D.C. area.

Michael Shields
Liu is a 20-year industry veteran with experience as a realtor, property manager and commercial real estate professional specializing in investment brokerage.

 Her experience includes brokering small residential income investment properties and residential properties, serving as property manager for commercial and multifamily assets, and directing sales and accounting protocols.

Liu is fluent in Mandarin and English and has resided in both the U.S. and China, offering her a unique understanding of each culture.

 CONTACT:


Stacey Hershauer
focusAZ 
P 480.600.0195


Sunday, September 15, 2019

JLL arranges preferred equity financing for Utah development south of downtown Salt Lake City


Rendering of Upper West, a planned207-unit, Class-A,
 transit-oriented, multi-housing property in West Jordan, UT

SALT LAKE CITY, UT JLL announced it has arranged preferred equity financing for the development of Upper West, a 207-unit, Class-A, transit-oriented, multi-housing property to be constructed adjacent to the TRAX light rail stop in the suburban Salt Lake City community of West Jordan, Utah.

JLL worked on behalf of the borrower, Salt Lake City-based Boulder Ventures Development, Inc., to place the non-recourse financing with a private capital fund. The total project cost is $52 million.

Mike White
Upper West will comprise four levels of residential space housing a mix of studio, one- and two-bedroom units over a parking structure. 

Planned community features include an outdoor pool, cabanas, spa, clubroom, outdoor bar and kitchen, fire pit and vegetable garden. 

Situated on 2.43 acres at 3283 West Jordan, the development will be part of the Jordan Valley master development, which includes 1,396 multi-housing units, 83,200 square feet of office space and nearly 35,000 square feet of retail and restaurant space. 

The property site is adjacent to the Jordan Valley Station TRAX stop and about 13 miles south of downtown Salt Lake City. 

Additionally, the site is surrounded by the Jordan Valley Medical Center, Salt Lake Community College Campus and the Jordan Valley Station high-density TOD development that will contain residential, retail, restaurant and commercial space.

Jordan Valley Medical Center
The JLL Capital Markets team representing the borrower was led by Managing Director Mike White in JLL’s Denver office.

“The unbeatable TOD proximity, experienced sponsor and excellent product design for this market were balanced by a 30-day closing time frame involving coordination of four separate stakeholders,” White said. 

“This deal required such an extraordinary effort by everybody that one attorney was actually hospitalized mid-stream. Few capital sources could have pulled this off, and we were extremely pleased to have identified capital for our client that delivered as promised in just 30 days from first-look to funding!”

 For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Kimberly Steele
 JLL Digital Content/PR Specialist 
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com

Marcus & Millichap Arranges $275,000 Sale of Dollar General Property in Steeleville, IL




Dollar General
700 East Broadway,
Steeleville, IL
STEELEVILLE, IL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Dollar General, an 8,250-square foot net-leased property located in Steeleville, Ill., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $275,000.


Daniel Hurd and Edward Kemp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 
 
Daniel Hurd 
The buyer, a private investor, was also secured and represented by the two brokers.  Broker Steven Weinstock, assisted in closing this transaction.


Dollar General is located at 700 East Broadway in Steeleville, Ill.  The site was built to suit for Dollar General in 1998 and consists of 8,250 rentable square feet.  

Dollar General has operated at this site for 20+ years and serves as the main retailer in town. 

Contact:

 Chris Travis
Sales Manager, Tampa
(813) 387-4700

NAI Realvest Closes $750,000 Sale of Office Condo in Maitland, FL for Shared offices of Law Firm and Real Estate Company


Jeff Bloom
ORLANDO, FL - NAI Realvest recently brokered the $750,000 sale of a 4,200 square foot professional office suite in the Keewin Lexington Office Park at 175 Lookout Place in Maitland. 

Jeff Bloom CCIM, vice president brokered the transaction on behalf of the local seller, Maitland Law Centre, Inc.  The buyer 175 Lookout Place LLC, was represented by Amy Calandrino of Beyond Commercial.

  The new owner-occupants who will relocate from Winter Park are Amy Calandrino principal of Beyond Commercial and Phillip K. Calandrino, Esq. specializing in employment, business and estate planning law. 

   The firms will open in their new location once interior renovations to contain the two businesses are completed by Nov. 1  

Amy Calandrino
About NAI Realvest

NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

Phillip K. Calandrino

 NAI Global is an international commercial real estate network with over 400 offices spanning the globe. 

 Since 1978, clients have built businesses on the power of NAI Global’s expanding network.  

Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. 

To learn more, visit www.nairealvest.com.

CONTACTS:

Jeff Bloom, CCIM,
 Vice President,
 NAI Realvest
407-875-9989 

Patrick Mahoney,
 President / CEO,
NAI Realvest,
407-875-9989

Beth Payan, Larry Vershel Communications,
407-644-4142

Homebuilder Taylor Morrison Awards Blackton 4th Multi Year, Multi Million Dollar Flooring Contract, Budgets 300 Homes Per Year

                          Michael (Micky) Blackton

ORLANDO, FL and KISSIMMEE, FL -- Blackton, Inc., ranked as one of Central Florida’s largest and most active distributors of materials to homebuilders, has been awarded a contract to provide flooring at Solivita a 55+ community on Village Drive in Kissimmee. 



The award represents the 4th one this year Taylor Morrison awarded Blackton to supply flooring for new home construction at single-family home communities in Osceola County .

Michael “Micky” Blackton, chairman and CEO of Blackton Inc., said the family-owned firm will provide flooring for over 300 homes at Solivita within the next year with a value of approximately $3.5 million and they have enough land for this product for at least another 20 years.

Work will begin on the new model homes at Solivita when all permits are received by the end of the year.

 Blackton is already underway on the flooring for the three other Taylor Morrison communities in Osceola County , including Hickory Grove in St. Cloud , Reedy Reserve and Stepping Stone in Kissimmee .

Blackton, Inc. a family owned business located on Alden Road near downtown Orlando has been supplying the home building industry from Jacksonville to Tampa for over 60 years.






CONTACTS

Michael “Micky” Blackton
 Chairman, Blackton, Inc.
407-898-2661 

Beth Payan, Larry Vershel Communications
407-644-4142