Saturday, July 13, 2019

Lincoln Property Co. Signs WageWorks as First Tenant at Union Office project in Mesa, AZ

David  Krumwiede

MESA, AZ – Before it is set to break ground, the first building at Lincoln Property Company’s Union Class A office project has signed its first tenant.

WageWorks Inc. (NYSE: WAGE) has committed to a 150,000-square-foot lease that will bring as many as 1,000 jobs to the development, located at the confluence of Mesa, Tempe and Scottsdale, in the heart of the mixed-use Riverview District.

LPC and project partner Harvard Investments anticipate breaking ground on Phase One at Union this summer.

“Union continues to build out the mixed-use vision that the City of Mesa established years ago, when it created this master plan and earmarked this land for premier, Class A office space,” said Lincoln Property Company Executive Vice President David Krumwiede.

 “We are thrilled to add Union to LPC’s innovative East Valley development portfolio and are honored that WageWorks has chosen to commit here as Union’s first tenant. We wish them all the best in their new space.”

Mesa, AZ Mayor
 John Giles
“Congratulations to Lincoln Property Company on landing their first tenant at Union before ground has even been broken on this exciting new development at Riverview,” said City of Mesa Mayor John Giles. 

“This area is booming, and we are proud that WageWorks has selected Mesa for their primary operating site, bringing 1,000 jobs to the epicenter of District 1.”

A leader in administrating Health Savings Accounts (HSAs) and other Consumer-Directed Benefits (CDBs), San Mateo, California-based WageWorks will use its new space as a primary U.S. operating site, housing approximately 500 current employees and generating approximately 500 new jobs for the Valley.

“I am thrilled to welcome WageWorks to District 1 and the City of Mesa,” said City of Mesa Vice Mayor and District 1 Councilmember Mark Freeman. “Union is in a premier location and I know this is the first of many great businesses that will be calling this property home.”

City of Mesa Vice Mayor
and District 1 Councilmember
Mark Freeman
Union’s first Class A office building will total 232,000 square feet with an adjacent 1,120-space, four-level parking garage.

 It sits at the northeast corner of the property, fronting the Loop 202. 

Phase One is part of four buildings, each with attached garages, planned for Union. 

At build out, Union will total up to 1.35 million square feet of Class A office space on 28.2 acres of city-owned land.

Buildings at Union will range from four to eight stories and from 232,000 to 450,000 square feet.

 Each will feature modern glass exteriors, active first floors and large office floorplates with high ceilings and 10-foot vision glass providing sweeping views of the Superstition Mountains and to Riverview Lake, which is located directly to the south of the property.

 Bill Jabjiniak
“WageWorks selecting Union in Mesa’s Riverview District will give the company considerable access to the metro area’s burgeoning and talented workforce,” said City of Mesa Economic Development Director Bill Jabjiniak. “Mesa is a truly smart location for intelligent companies such as WageWorks.”

Designed to attract and retain market-leading companies and their employees, Union will provide a master planned campus that creates a strong sense of place. Indoor-outdoor design features will include a lush main pedestrian plaza, shaded gathering areas and outdoor rooms connected together – and to the area’s nearby buildings and uses – by the Rio Salado Pathway.

Ryan Orton
Union is located on Cubs Way, just off of Dobson Road and Rio Salado Parkway. It fronts the Loop 202, providing direct freeway exposure and monument signage opportunities seen by approximately 160,000 cars per day.

The project sits within the heart of Mesa’s Riverview mixed-use district, surrounded by 1.2 million square feet of retail, restaurants and the Sheraton Mesa and Hyatt Place hotels.

 It is also within walking distance to Sloan Park, home of the Chicago Cubs spring training, the highest attended spring training team in the Valley.

Employees and visitors will benefit from an onsite parking garage with a 5/1,000 parking ratio, and freeway interchanges at both the Loop 202 at Dobson Road, and the Loop 101 at Rio Salado Parkway. The location is just two miles from Arizona State University’s main Tempe campus and 10 minutes from Sky Harbor International Airport.

Scott Maxwell 
DAVIS is the project architect. Layton Construction Company is the general contractor. Ryan Orton and Scott Maxwell from CRESA represented WageWorks in the lease transaction. Lincoln Property Company and Cushman & Wakefield are Union’s exclusive leasing brokers.

To discuss build-to-suit, investment, leasing or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.


Stacey Hershauer

JLL represents seller on $19 million sale of single-tenant retail center in Shrewsbury, MA

Kellie Coveney
BOSTON, MA – JLL announces that it has closed the $19 million sale of a 64,227-square-foot, freestanding, single-tenant retail center fully leased to Price Chopper in the Worcester-area community of Shrewsbury, Massachusetts. 

JLL marketed the property on behalf of the seller, an entity represented by Nigro Companies, a multi-faceted commercial real estate development and management company with properties throughout upstate New York and Massachusetts.  Coventry Crossing, LLC purchased the asset.

James Koury

Completed in 2010, the property is triple net leased to Price Chopper, a family-owned grocery chain that operates mainly in New York, Vermont, Connecticut, Pennsylvania, Massachusetts and New Hampshire. 

 The property is situated on 10.79 acres at 733 Boston Turnpike in Shrewsbury, which is in Eastern Massachusetts between Worcester, the second largest city in New England, and the Route 495 Corridor   

More than 133,000 residents earning an average annual household income of about $99,000 live within a three-mile radius of the center.

David N. Ross
The JLL Capital Markets team representing the seller included senior managing director James Koury and director Kellie Coveney.  Coventry Crossing, LLC was represented by David N. Ross of Hunneman.

James Koury
JLL Senior Managing Director
MA License: #9010104
Phone: +1 617 848 1554

Kristen Murphy
JLL Director, Public Relations
Phone: +1 617 338 0990

Berger Commercial Realty Brokers $2.35 Million Sale of Simon’s Sportswear Building in Miami, FL

Lawrence Oxenberg
FORT LAUDERDALE, FL– Berger Commercial Realty/CORFAC International Sales Associate Lawrence Oxenberg recently represented SIMONS PROPERTY 163, LLC in the $2.35 million sale of the Simon’s Sportswear building in Miami.

Located at 698 N.E. 167th Street, the 5,579-square-foot freestanding retail building was purchased by PEBB Acquisitions, LLC, a subsidiary of the Boca Raton-based real estate investment and development firm PEBB Enterprises.

Simons Sportswear Building
698 N.E. 167th Street, Miami, FL
“This building is especially attractive due to its location,” Oxenberg said.

“Situated at the corner of N.E. 167th Street and N.E. 7th Ave., the property offers excellent accessibility, visibility and prominent building signage fronting N.E. 167th Street (State Road 826). 

"This property is also located in a desirable path of change with several significant nearby retail redevelopment projects currently planned and underway.”  

For more information about Berger Commercial Realty’s brokerage services, please call 954-358-0900.


Lexi Robinson, ext. 255,
Marielle Sologuren, ext. 226,

JLL closes $30 million sale of super-regional mall and adjacent Wegmans in Buffalo, NY submarket

 SOLD:  Boulevard Mall, a 961,800-square-foot, super-regional mall within a Qualified Opportunity Zone in the Buffalo-area community of Amherst, NY and an adjacent Wegmans grocery store 

Claudia Steeb
MORRISTOWN, NJ – JLL announces that it has closed the $30.05 million sale of Boulevard Mall, a 961,800-square-foot, super-regional mall within a Qualified Opportunity Zone in the Buffalo-area community of Amherst, New York. 

Jose Cruz
An adjacent Wegmans grocery store was included in the transaction for $6 million.

JLL marketed the property in conjunction with Ten-X on behalf of the seller. Douglas Development Company was the purchaser.

Situated on 64 acres at 730 Alberta Drive, Boulevard Mall is visible to more than 34,000 vehicles per day and is just off the corner of Maple Road and Niagara Falls Boulevard. 

The property benefits from an infill location with extensive highway access within the North Buffalo Retail submarket, one of the largest and most affluent retail marketplaces in the western part of New York. 

Originally completed in 1962, the mall was renovated in 2000 and is home to a variety of tenants, including DICK’s Sporting Goods, Macy’s, American Eagle Outfitters and Michaels. 

The adjacent Wegmans site is a ground lease on nearly eight acres supporting a store of approximately 120,000 square feet.

The JLL Capital Markets team included senior managing directors Jose Cruz and Kevin O’Hearn, managing director Claudia Steeb, senior director Michael Oliver and real estate analyst Ryan Robertson.

“We were very pleased with the overall investment markets reaction to this offering,” Cruz said. “The demographics, property location and upside in the mall combined with the Wegmans helped to drive investor demand for the assets.”
Kevin O'Hearn


Jose Cruz,
JLL Senior Managing Director
Phone: +1 973 549 2000

 Andrew Scandalios
JLL Senior Managing Director
N.Y. License: #10331200140
Phone: +1 212 245 2425

 Kimberly Steele
Phone: +1 713 852-3420

Lincoln Property Co. Closes on New Lease to Hubbard Construction in Airport Business Center, Orlando, FL

ORLANDO , FL – Lincoln Property Company, a full service commercial real estate firm recently closed on a long-term lease to Winter Park-based Hubbard Construction Company in the Airport Business Center at 5730  S.  Semoran Blvd.   

Sean DuPree, broker at Lincoln Property Company who handles leasing at Airport Business Center , negotiated the new lease for 3,248 square feet on behalf of Landlord RCS-Orlando Airport 371, LLC.  .

The six-building office / flex business park at the intersection of Hoffner Ave. is five minutes from Orlando International Airport .


Sean DuPree, CCIM, 
Director of Sales/Leasing
 Lincoln Property Company 

Beth Payan, Larry Vershel Communications Inc.

Blackton Awarded $900,000 in Contracts from Avex Homes in Central Florida

Micky Blanton

ORLANDO  --- Blackton, Inc., one of the region’s oldest and largest suppliers of wholesale materials and supplies to the home building industry, was recently selected to provide flooring materials for two Avex  Homes communities underway in West Orange County.

Micky Blackton, chief executive officer, said Orlando-based Avex Homes awarded his firm a contract forOcoee Reserve off Good Homes Rd. with 44 homes that require flooring materials worth $600,000. 

Blackton also received a contract for Dillard Point an exclusive neighborhood with 12 homes Avex is building in the Historic District of Winter Garden that will entail flooring materials worth $300,000.

New homes at Ocoee Reserve range from 1,568 to 2,367 square feet of living space and are priced from the mid-$200s.  Dillard Point homes range from 2,400 to 3,200 square feet and are priced from $500,000 to well over $1 Million.

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 65 years.
Michael “Micky” Blackton, Chairman, Blackton, Inc. 

Beth Payan, Larry Vershel Communications 407-644-4142 
or 407-461-3781; 

JLL arranges $58.5 million refinancing of two-property hotel portfolio in Fort Walton Beach, FL

 Rebecca VanReken 
CHICAGO, IL – JLL announces that it has arranged a $58.5 million refinancing for the leasehold interest on a hotel portfolio comprising two adjacent beachfront hotels totaling 330 keys located in Fort Walton Beach, Florida. 

The hotels reside on a ground lease held with the United States Air Force with 45 years of remaining term.

JLL worked on behalf of the borrower, Innisfree Hotels and its partner, the Band of Poarch Creek Indians, to place the 10-year, fixed-rate acquisition loan with Ladder Capital Finance LLC. 

Nicole Aguiar

Proceeds were used to pay off the original construction financing and provided more than $8.4 million of cash back to the borrower.

The portfolio comprises the 178-room Hilton Garden Inn Fort Walton Beach and the 152-room Holiday Inn Resort Fort Walton Beach, which are two beachfront hotels on the Gulf Coast. 

The Hilton Garden Inn, located at 1297 Miracle Strip Parkway SE, was completed in 2017 and features 5,000 square feet of event space; an outdoor swimming pool, lazy river with rock waterfalls, Whirlpool spa, tiki bar and fire pits; indoor, heated pool; fitness center, 24-hour business center; and The Garden Grille and Bar restaurant.  

Jeff Bucaro
Situated at 1299 Miracle Strip Parkway SE, the Holiday Inn Resort opened in 2014 and features 2,498 square feet of even space; an outdoor pool, lazy river, Whirlpool spa and pool bar; indoor pool; fitness center, game room, sundry shop; business center; and Riptides Grille & Tiki Bar restaurant.  

The portfolio is on Santa Rose Island, a three-mile stretch of waterfront land bookended by protected national parks, which makes the area an extremely high-barriers-to-entry market. 

The five-story hotels are across the street from the 24,000-square-foot Emerald Coast Convention Center and within a five-mile radius of Gulfarium Marine Adventure Park, Wild Willy’s Adventure Zone, Escape Zone 60, Okaloosa Island Fishing Pier, Eglin Air Force Base, Fort Walton Beach Golf Club, Hurlburt Field and The City of Fort Walton Beach Heritage Park & Cultural Center.

Brooks Moore

The JLL Capital Markets team representing the borrower was led by managing director Jeff Bucaro, managing director Rebecca VanReken and director Nicole Aguiar. 

The two-property portfolio represents the ninth and tenth properties that members of this team have closed for Innisfree Hotels.

“We knew this would be a more difficult financing assignment given the limited operating history of one of the assets combined with the shorter-term ground lease,” said Brooks Moore, CFO of Innisfree Hotels. “As always, this team performed exceptionally well and closed the transaction during a very volatile time in the CMBS markets.” 

“It is typically challenging to secure permanent debt financing on hotels with limited operating history – especially when a return of equity is involved,” Bucaro added. 

“But Innisfree is an exceptional owner/operator with an amazing track record as evidenced by their new hotels consistently outperforming the market within a month or two of opening.”


Jeff BucaroJLL Managing Director
Phone:  +1 312 528 3678

 Rebecca VanReken, JLL Managing Director    
Phone: +1 407 745 3900

Kimberly Steele
Phone: +1 713 852 3420

U.S. newsroom.

Fulton East, Modern 12-Story Office Building in Chicago's Fulton Market District, Starts Construction

Rendering of planned Fulton East office and retail building,
215 North Peoria Street, Fulton Market District, Chicago, IL

CHICAGO, IL — Construction has started on Fulton East, a 12-story, 90,000-square-foot office and retail building now available for lease at 215 N. Peoria St., in the heart of Chicago’s burgeoning Fulton Market District. 

When construction is completed in spring 2020, Fulton East will offer a wide range of innovative office users immediate access to neighborhood amenities and public transit in one of downtown Chicago’s highest-demand office submarkets.

Rooftop rendering of planned Fulton East Project, Chicago, IL

Developed by Peoria Green Owner LLC, a venture of veteran Chicago-based real estate developers Bob Wislow and Camille Julmy, Fulton East will feature 11-foot, 4-inch ceilings and floor-to-ceiling windows with unobstructed views of the Chicago skyline.

Camille Julmy
Building amenities include spacious 9-by-27-foot balconies on each floor for meetings or lounging, as well as an 8,000-square-foot landscaped rooftop park for tenant use.

This shared amenity will feature comfortable seating designed for both collaboration and client entertainment, with state-of-the-art connectivity for product demonstrations, team meetings, sports viewing or movie nights.

“We are proud to bring a game-changer to Fulton Market by developing the first Class A boutique office building to fill the need for truly high-quality, small-floor-plate office space in Chicago's hottest office market,” Wislow said.

Bob Wislow
“At Fulton East, design firms, growing startups, family offices, venture capital and private equity firms, or law, accounting and consulting firms serving companies in the Fulton Market and West Loop neighborhoods can locate in a building sized for their business in the middle of what has become Chicago’s newest corporate epicenter.”

Chicago-based Clayco is leading the design-build effort for Fulton East with its in-house architecture firm, Lamar Johnson Collaborative.

With eight floors of highly efficient office space, each with a 10,600-square-foot, virtually column-free floor plate that can be used in its entirety, combined with other floors for a multi-floor headquarters or subdivided for smaller firms, Fulton East is designed to appeal to a broad range of tenants.

Fulton Market District, Chicago, IL
 In addition to the rooftop green space and private balconies on each floor, building amenities include reserved indoor parking and an enclosed bicycle storage room.

Property operations will incorporate state-of-the-art technical capabilities. The property also offers for lease a 5,000-square-foot retail space at street level.

Fulton East is centrally located and pedestrian-friendly in the heart of Fulton Market’s dining and nightlife offerings.

The building is easily accessible from the city and suburbs with its location just west of the Kennedy Expressway, only one and a half blocks from the CTA’s Morgan Green and Pink Line station and two blocks from the No. 8 Halsted bus route.

For leasing inquiries, please contact Katie Scott at (312) 218-6347 
or Camille Julmy at (312) 259-5663


 Rebecca Boykin,, (312) 267-4523
Gretchen Muller,, (312) 267-4511