Sunday, August 11, 2019

Marcus & Millichap Arranges $1 Million Sale of Dollar General Site in Lane, OK

Dollar General, 11378 East Highway 3, Lane, OK

Daniel Hurd
LANE, OK – 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 - Lane, a 9,014-square foot net-leased property located in Lane, OK, according to Chris Travis, sales manager of the firm’s Tampa office.

The asset sold for $1,055,280.

Daniel Hurd, a senior investment advisor in Marcus & Millichap’s Tampa office, secured and represented the buyer, a private investor.

 Broker, Mark McCoy, assisted in closing this transaction.

Mark R. McCoy
“There is no sign of slowing for Dollar General stores nationwide, even as nearly 1,000 new stores are being built this year alone,” said Mr. Hurd.

 “I was able to negotiate a 7.25 capitalization rate for my client on this deal.

"That is nearly a double-digit annual cash-on-cash return for a 13-year NNN lease! 

"Timing was on our side for this transaction as the Federal Reserve decided to lower rates while we were under contract to purchase this deal.

"We navigated from signing a contract to closing in just 35 days, which is pretty impressive given the fact that financing and third-party reports were involved,” added Hurd.  

Dollar General - Lane is located at 11378 East Highway 3 in Lane, OK.  Dollar General has a 15-year triple net lease which commenced in 2017. This favorable lease structure allows for passive income and no landlord responsibilities.


Whitney Davis

Berger Commercial Realty Collects Supplies for Children’s Diagnostic & Treatment Center’s Back to School Drive

 (front row) Berger Commercial Realty Senior Property Manager Love Levy, Sales Associate Lawrence Oxenberg, (second row), Sales Associate Mary Harris, Senior Vice President Judy Dolan, Senior Property Manager Shelby Smith, President and CEO Lloyd Berger, Office Coordinator Peyton Fannin

 (front row) Berger Commercial Realty Lease Administrator Cecilia Kawiorski, (second row) Senior Vice President Judy Dolan, Children’s Diagnostic & Treatment Center Development & Communications Specialist Ashley York, Marketing Manager Stephanie Bernota, Sales Associate Mary Harris

FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International recently concluded its summer back to school drive for pediatric patients of Children’s Diagnostic & Treatment Center (CDTC) and helped fill backpacks for more than 800 boys and girls with special healthcare needs.

“As part of our commitment to giving back to the community where we live and work, Berger Commercial Realty is proud to support Children’s Diagnostic & Treatment Center,” said Lloyd Berger, president of the full-service commercial real estate brokerage and property management firm. “We hope our donation of school supplies will make the end of summer a little less stressful for the families of CDTC patients.”

Lloyd C. Berger

CDTC is a community healthcare agency that provides medical care, case management and social services to children and adolescents with chronic illnesses and developmental disabilities. 

Each year, Children’s Diagnostic & Treatment Center provides more than 11,000 children and youth with family-centered, comprehensive prevention, intervention and treatment services. 

Fully occupied Gilbert, AZ build-to-suit project trades for $9.94 million

Wentworth-built property at 2228 West Guadalupe Road on Guadalupe Road just east of Country Club Drive. Gilbert, AZ

PHOENIX, AZ– On behalf of Wentworth Property Company LLC, the Phoenix office of JLL has completed a $9.94 million sale of a new build-to-suit office/flex building in the heart of Gilbert, Arizona.

Brian Ackerman
The 34,132-square-foot building is fully occupied by Moog Inc. (NYSE: MOG.A and MOG.B), a design and manufacturing company that provides high performance motion control products, solutions and services.

Built by Wentworth Property Company in 2019, the building is located at 2228 W. Guadalupe Rd., on Guadalupe Road just east of Country Club Drive.

The project features a build out custom completed for Moog, with specific amenities to support the tenant’s work in the aircraft, industrial, medical and space and defense markets.

Based in New York, Moog is a 50-year-old company recently reporting an annual revenue of approximately $2.5 billion and an employee count of more than 10,970.

Steve Sayre
JLL Executive Vice Presidents Brian Ackerman and Steve Sayre represented Wentworth Property Company in the transaction. Ian Hackett from Hackett Real Estate Solutions represented the tenant. The buyer is a private trust.

“The Town of Gilbert is a rapidly evolving commercial real estate market with a long list of institutional tenants in a wide range of industries,” said David Dickson, Senior Associate with Wentworth Property Company.

“This building was designed to meet that increasingly sophisticated business environment – a strategy that not only attracted Moog as a long-term credit tenant but also aided in the quick and successful sale of the asset to a knowledgeable buyer.”

“This building’s mission-specific construction and its sought-after Gilbert address were important factors in its acquisition,” added Ackerman. “It is an exceptional addition to Wentworth’s development track record and will serve its new owner well with strong projected value growth.”

David Dickson
The 2228 building is located on 2.6 acres and features high-end interior finishes and an open feeling to support office and light industrial activity. 

The building is minutes from the US 60 Superstition Freeway and in close proximity to a wide range of retail and restaurant amenities and other flex industrial users. Deutsch Architecture Group is the architect.


 Stacey Hershauer
Phone: +1 480 600 0195

JLL closes $10.6 million sale of Historic Boylan, a 56-unit apartment property in Raleigh, NC

Historic Boylan, a 56-unit, boutique apartment community
817 Hillsborough Street. downtown Raleigh, NC

Michael Eubanks
CHARLOTTE, NC  JLL announces it has closed the $10.6 million sale of Historic Boylan, a 56-unit, boutique apartment community in Raleigh, North Carolina.

JLL marketed the property on behalf of the seller, Blue Heron Real Estate Opportunity Fund II, LP, managed by Raleigh-based Blue Heron Asset Management, LLC (“Blue Heron”).

Denver-based Riverpoint Partners purchased the offering free and clear of existing financing.

Historic Boylan is located at 817 Hillsborough Street approximately 1.5 miles southeast of North Carolina State University in downtown Raleigh.

  Originally constructed in 1935, the property has retained many of its unique architectural features over the years, including the original oak flooring, paneled doors with vintage hardware, steel casement windows with deep window sills and porcelain cast iron tubs. 

Allan Lynch
Units include a mix of one- and two-bedroom layouts averaging 714 square feet.  

The brick-clad, colonial revival building also features an expansive courtyard with brick patio and locally designed lounge furniture, grilling pavilion, on-site laundry facilities and high walkability around downtown Raleigh, the Warehouse District and Glenwood South. The property has maintained a consistent occupancy rate of 98%.

“We are very proud of what our team at Blue Heron was able to accomplish at Historic Boylan,” stated Michael Eubanks, one of Blue Heron’s partners. 

“We are also thankful to our property management partners, Kane Residential, for their oversight of the property and renovation program, and to JLL for their great work on the sale.”

Jeff Glenn
The JLL Capital Markets team representing the seller included Senior Director Allan Lynch, Managing Director Jeff Glenn, Director Caylor Mark and Managing Director Justin Good.

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.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Caylor Mark
 About Blue Heron Asset Management, LLC

Blue Heron Asset Management, based in Raleigh, North Carolina, is a private equity real estate investment management and development firm. 

Founded in 2011, the firm seeks to achieve superior risk-adjusted returns across well-balanced and actively-managed real estate portfolios, with a primary focus on value-add and opportunistic multifamily investments.

Blue Heron’s track record demonstrates a firm that is disciplined, focused, and committed to sound real estate fundamentals while serving as mindful and accountable stewards of the real estate and communities in which it invests.

With its focus on the southeastern United States, Blue Heron targets opportunities in some of the most diverse, highest-growth metropolitan areas of the United States. 

Justin Good
Enhanced by over twenty years of average real estate experience of its team across multiple property types and market cycles, the firm couples macro-level analysis with granular local knowledge and deep, long-standing relationships to consistently cultivate a robust pipeline of opportunities. 

About Riverpoint Partners:

Riverpoint Partners is a Denver-based investment and development firm founded on a passion for dynamic neighborhoods and businesses.

 It was created out of a desire to focus on thoughtful, community-minded developments that fill an existing void — creating value for the people who live, work and invest in those areas. With expertise across a diversified mix of asset types, 


Allan Lynch, JLL Senior Director 
North Carolina License No: 277156
Phone:  +1 704 526 2819

 Olivia Hennessey, JLL Public Relations Specialist
Phone: +1 713 852 3403

JLL closes sale of 188-acre campus in Austin, TX

Research Park, Northwest Austin, TX

DALLAS, TX  JLL announced  it has closed the sale of Research Park, a 1.11 million-square-foot office and industrial development as well as 94.8 acres of undeveloped land in northwest Austin, Texas.

JLL marketed the property on behalf of the seller, Equity Commonwealth.  Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.

Originally part of a 466-acre tract owned by Texas Instruments, Research Park comprises 1.05 million square feet of manufacturing space that is leased to a subsidiary of Flex, Ltd., the third largest global electronics manufacturing services company. 

Research Park is positioned on 188 acres off US 183 at 12455 and 12515 Research Boulevard in the in the heart of the Northwest Austin technology triangle, the birthplace of “Silicon Hills.” 


 Andrew Levy, JLL Senior Managing Director
Texas License No:  0413696
Phone: +1 214 265 0880

 Kelsey Roop Shebay, JLL Managing Director
Texas License No:  696391
Phone: +1 512 532 1900

 Kimberly Steele, JLL Digital Content/PR Specialist
Phone: +1 713 852 3420

JLL arranges $42.5 million financing for mixed-use property in Jersey City, NJ

Rivet, a mixed-use multi-housing and retail property in the heart of New Jersey City University’s University Place

Jon Mikula
MORRISTOWN, NJ  JLL announces the $42.5 million financing of RIVET, a mixed-use multi-housing and retail property located in the heart of New Jersey City University’s University Place in Jersey City, New Jersey.

JLL advised the borrower, a joint venture between The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments, on the refinancing of the existing construction financing that was previously secured by the deal team.

RIVET is located at 23 University Place Boulevard less than a half mile west of the NJCU campus. 

Completed in 2017, the property features 163 apartment units, approximately 10,000 square feet of ground-floor retail and a 177-space parking garage. 

Michael Klein
Community amenities include a fitness center with Fitness On Demand, yoga studio, 15,000-square-foot courtyard with sundeck, cybercafé with Wi-Fi, indoor lounge, pet spa, and virtual entry and package delivery system.

 Commercial tenants include Five Guys, Cuteicles Nail & Spa, University Place Pharmacy and Carvel.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jon Mikula and Managing Director Michael Klein.


 Jon Mikula, JLL Senior Managing Director 
Phone: +1 973 549 2000

 Olivia Hennessey, JLL Public Relations Specialist
Phone: +1 713 852 3403

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