Friday, September 20, 2019

Creative Office Redevelopment CASA Nears Completion with Host of Pre-Leases in Phoenix, AZ

Curt Kremer

PHOENIX, AZ  – The first phase of creative office space at George Oliver's $17 million CASA redevelopment in Phoenix is heading toward an October completion with a host of pre-lease commitments in tow.

The project, which totals 181,188 square feet of Class A office space, sits in the heart of Phoenix’s popular Uptown neighborhood.

Casa exterior

Located off of the Piestewa Freeway/State Route 51 and Northern Avenue at 7878 N. 16th Street, CASA is transforming a 1989-built commercial property into next-generation modernized office space.

The building mixes rich Spanish architecture with lifestyle amenities designed around a focus on health and wellness to serve its tenants.

Confirmed pre-lease commitments at CASA include Rockwell Automation (26,805 square feet), The Money Store (7,512 square feet), Olsson (7,199 square feet), Phoenix Association of Realtors (3,957 square feet) and North & Co. and affiliates (leasing eight co-working suites).

Casa lounge

Local favorite Kaleidoscope Juice has also committed to a lease to operate an on-site café and lounge serving healthy food, coffee and juice.

“CASA is the next generation of office space,” said Curt Kremer, Founder and Managing Partner of Phoenix-based George Oliver.

“That begins with flexible, modern workspace and extends into a carefully curated mix of amenities – all with the goal of creating a working community focused on the success and wellness of its tenants.”

Casa north patio - cantina
Among the unique touches at CASA are transformed lobbies, a 60-guest conference center, a wellness center with yoga room, fitness center, on-site meditation room, elevated walking path, library, car charging stations and dog park.

Two centralized courtyards with water features and seating serve as hubs for relaxation and collaboration. CASA also includes a two-story dining experience with dedicated food truck parking, shaded outdoor dining and outdoor games and lounge areas.

In November, George Oliver is also scheduled to complete its self-branded and operated coworking space at CASA, with rents from $800 to $2,900 per month.

Ryan Timpani 
 Its users will benefit from fully furnished suites with access to shared breakrooms, a private coworking lounge and multiple conference rooms.

 In addition to the coworking, the company will also deliver three spec suites at CASA ranging from 2,250 to 8,663 square feet and with fully furnished, move-in-ready options and popular comforts like open break rooms, glass offices, collaborative spaces and timeless custom finishes.

Todd Noel 

George Oliver purchased the CASA building, previously known as Catalina Terraces, in December 2018. The project sits at the base of the North Mountain Phoenix Preserve, minutes from the Piestewa Freeway/State Route 51 and with more than 13,700 apartments and 200 restaurants/bars within a three mile radius.

Ryan Timpani and Todd Noel of Colliers International are CASA’s exclusive leasing brokers. Arcadia Management manages the property and staffs an on-site tenant concierge.

RSG Builders is the general contractor. Western Alliance Bank is the project lender. For more, please visit

About George Oliver 

George Oliver LLC is a Phoenix-based, privately owned commercial real estate investment and operating company specializing in transforming obsolete buildings and business parks into first-class, institutional-quality office communities. 

To learn more or to discuss new project opportunities, please visit


Stacey Hershauer

Banyan Investment Group Completes Acquisition of 101-Room Hotel Indigo Tuscaloosa Downtown in Alabama

Hotel Indigo Tuscaloosa Downtown, 111 Greensboro Avenue, downtown Tuscaloosa, directly overlooking the Black Warrior River
TUSCALOOSA, AL --Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, announced the company completed the acquisition of the 101-room Hotel Indigo Tuscaloosa Downtown in Ala

 The company also will operate the hotel and oversee a $500,000 refurbishment of The Lookout, downtown Tuscaloosa’s only rooftop bar, along with the public areas of the hotel.  This marks Banyan Investment Group’s ninth acquisition from its recently launched BIG Hotels LP I, LLC fund.

Andy Chopra
                “We continue to seek hotel acquisition opportunities that meet our strict criteria, namely strong brands in well-established markets with recession-resistant demand generators like universities and hospitals,” said Andy Chopra, founding principal and chief investment officer, Banyan Investment Group. 

 “The recently built, Silver LEED-certified hotel further benefits from its unmatchable location immediately off the Tuscaloosa Riverwalk with direct views of the Tuscaloosa Amphitheater, the largest outdoor music venue in West Alabama. 

"Following the completion of the nearly half-million-dollar refurbishment of the Lookout rooftop bar, along with improvements made to hotel public areas, we fully expect the hotel to increase its bottom-line profitability with the goal of the exceeding yield expectations for our investors.”


 Chris Daly, media
 (703) 864-5553

HomeGoods Westchester County, NY property sold for $6.8 million

HomeGoods retail property,  3 East Main Street, Mount Kisco, NY

NEW YORK, NY -- B+E, the first tech-driven brokerage and trading platform for net lease real estate, announced the sale of the Westchester County HomeGoods retail property located at 3 East Main Street, Mount Kisco, NY for $6,829,350.

Spencer Henderson 
The seller is The Kempner Corporation and the buyer is a 1031 Exchanger. 

The building is +/- 24,834 SF on +/- 1.24 acres of land and includes parking. The property carries a new 10-year NN lease with 4, 5-year renewal options.

"We are very happy to help sell this property on a forward commitment, before the developers received a Certificate of Occupancy," said Spencer Henderson of B+E.

For more information, please contact Spencer Henderson at or go to


John Vita
John Steven Vita Communications

Blue Sky Hospitality Solutions Receives Hilton’s Legacy Award: Top Performer and Mid-Sized Portfolio

Naveen Shah
UNIONDALE, NY —Officials of Blue Sky Hospitality (BSHS), one of the leading and fastest growing hotel owner/operators in the United States announced it has received Hilton’s (NYSE: HLT) prestigious Legacy Award: Top Performer, Mid-Sized Portfolio. 

 The company was selected as the top performer for the Embassy Suites by Hilton brand.  

Hilton recognized nearly 60 high performing owners and developers during its recent Americas Owner Conference.

  Naveen Shah, CEO, BSHS, and David Fincannon, COO, BSHS, accepted the award on behalf of both companies during the Orlando event.

                “It is our goal to provide an unforgettable experience for our guests, an exciting and fulfilling workplace for our associates and excellent returns for our investors,” Fincannon said. 

David Fincannon
 “We have taken great efforts to ensure that our Embassy Suites by Hilton hotels are among the finest not only within the brand, but within the entire upper upscale segment. 

"This award is an honor to receive and a testament to the fantastic work done by everyone from our on-site associates to our corporate team.”

 Chris Daly, media
  (703) 435-6293

U.S. Home-Flipping Returns Drop to Nearly Eight-Year Low in Q2 2019

Todd Teta

IRVINE, CA –— ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its Q2 2019 U.S. Home Flipping Report, which shows that 59,876 U.S. single family homes and condos were flipped in the second quarter of 2019, up 12.4 percent from the previous quarter, but down 5.2 percent from a year ago.

The homes flipped in the second quarter represented 5.9 percent of all home sales during the quarter, down from a post-recession high of 7.2 percent in the previous quarter, but up from 5.4 percent a year ago.

Homes flipped in Q2 2019 typically generated a gross profit of $62,700 (the difference between the median sale price and median paid by investors), up 2 percent from the previous quarter, but down 2 percent from a year ago.

The typical gross flipping profit of $62,700 in Q2 2019 translated into a 39.9 percent return on investment compared to the original acquisition price, down from a 40.9 percent gross flipping ROI in Q1 2019 and from a margin of 44.4 percent in Q2 2018.

Returns on home flips have dropped six quarters in a row and eight of the last 10, now standing at the lowest level since Q4 2011.

“Home flipping keeps getting less and less profitable, which is another marker that the post-recession housing boom is softening or may be coming to an end,” said Todd Teta, chief product officer at ATTOM Data Solutions.

 “Flipping houses is still a good business to be in and profits are healthy in most parts of the country. But push-and-pull forces in the housing market appear to be working less and less in investors’ favor.

"That’s leading to declining profits and a business that is nowhere near as good as it was a few years ago.”
Among the areas analyzed, the number of homes flipped reached new peaks in Q2 2019 in 10 MSAs. The largest were Charlotte, NC; San Antonio, TX; Pittsburgh, PA; Oklahoma City, OK and Raleigh, NC.


Christine Stricker
Sr. Marketing Manager, Projects
Office: 949.748.8428

JLL announces $62.7 million sale of Tampa, FL area retail property

The Grove retail center at Wesley Chapel, FL

MIAMI, FL  JLL announces that it has closed the $62.7 million sale of the Grove at Wesley Chapel, a 471,279 square foot, large format community retail center. The property also includes an additional ±114 acres of land for development in the Tampa-area community of Wesley Chapel, Florida.

Daniel Finkle
JLL marketed the property on behalf of institutional clients managed by Barings, one of the world’s largest real estate investment managers.

 Mishorim-Gold Properties purchased the asset.

 Situated on a total of ±203.3 acres on Wesley Grove Boulevard, The Grove at Wesley Chapel is home to a variety of national and regional tenants.

They including Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J.Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatre, among others. 

The property is located at the interchange of Interstate 75 and Wesley Chapel Road and has more than one mile of frontage and excellent visibility to more than 95,000 vehicles per day.

Luis Castillo
 Approximately 176,100 residents earning an average annual household income of $91,150 live within a 20-minute drive of the property. 

An opportunity exists to add an additional 1.3 million square feet for commercial and residential development, making the center one of the last remaining large-scale opportunities within this prominent location.

The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of HFF’s Retail Practice Daniel Finkle, Managing Director Luis Castillo and Director Eric Williams.

“The opportunity to acquire a large-scale commercial property in a major Florida MSA with significant value-add potential appealed to the market and drove strong investor interest for The Grove at Wesley Chapel,” Castillo said.

Eric Williams
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.


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

 Rachel White
Phone: +1 980 417 5886

JLL arranges $37.2 million financing for Los Angeles, CA creative office redevelopment

Jeff Sause
LOS ANGELES, CA   JLL announced it has arranged $37.2 million in bridge financing to complete the acquisition and redevelopment of Exposition 3 into a multi-phase creative office campus adjacent to two metro stations and within an Opportunity Zone in Los Angeles’ West Adams submarket.

JLL worked on behalf of the borrower, The Luzzatto Company, Inc., to arrange the 30-month, floating-rate loan with TerraCotta Group. Loan proceeds will be used to complete the acquisition, fund the construction costs to redevelop the property and cover transaction costs.

After the loan was under application, The Luzzatto Company, Inc. was able to pre-lease the building to Sweetgreen for its new headquarters. The property most recently used as a dairy facility for milk-bottling and distribution. 

Paul Brindley
The existing 57,000-square-foot, two-story building has a creative variance of ceiling height, natural lighting and open outdoor space. Situated on 2.18 acres at 3101 W Exposition Boulevard, Exposition 3 is in the West Adams submarket, which is quickly emerging as one of the fastest-growing, most dynamic tech and creative markets in Los Angeles. 

The property is adjacent to both the new Exposition/Crenshaw light rail station of the LAX line and the existing Exposition/Crenshaw light rail station of the Expo line, which connects three of the region’s predominant employment centers, Santa Monica, Culver City and Downtown Los Angeles.

The JLL Capital Markets team representing the borrower was led by Senior Director Jeff Sause, Senior Managing Director Paul Brindley and Associate Spencer Richley.

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. 

Spencer Richley
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.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker (CA Real Estate License No. 01223413).


 Jeff SauseJLL Senior Director
California License No: 01852507
Phone: +1 310 407 2133

Paul BrindleyJLL Senior Managing Director
California License No: 01173794
Phone: +1 310 407 2112

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

Designer Betsey Johnson’s Whimsical Malibu, CA Mobile Home on Market for $2 Million

Malibu, CA Designer Betsey Johnson Attracts Celebrities' Attention with Innovative Home Above for Sale at $2 Million

Photo credit: Suzy Poling, courtesy of Compass Source:

Betsey Johnson

MALIBUE, CA  -- Where can a buyer find a hot pink house on wheels in a mobile home park that attracts celebrities who could afford to live almost anywhere in the world?

Pamela Anderson
Stars like Pamela Anderson, Stevie Nicks and Matthew McConaughey who all once lived there and fashion-designer Betsey Johnson who recently put her Paradise Cove home on the market at $1.95 million, according to

Stevie Nicks
Just as colorful and whimsical as her jewelry and fashion designs, Ms. Johnson’s charming home in the most fashionable mobile home park in the country is filled with bright colors, cheerful decor, a tropical setting for entertaining and access to one of California’s most beautiful beaches.

Matthew McConaughey
Paradise Cove is the most glamorous mobile-home park in the United States that enjoys the same multi-million-dollar views as its nearby Malibu mansion neighbors such as Barbra Streisand, but the homes are much smaller and moveable with most priced over $1 million.

Barbra Streisand
 Spread over 85 acres with 265 single and double-wide homes, the park started in the 1950s as a small fishing camp.
Today, it serves as a fun getaway for wealthy beach lovers who have full-time homes and mansions up and down the state.

Minnie Driver
 In addition to its location on Paradise Cove Beach with its fishing pier, restaurant and brightly colored surfboards, residents are from a far-richer, upper-middle-class group than its original fishermen with a 24-hour, guard-gated entry, a community tennis court and clubhouse in addition to a fabulous beach.

Liberty Ross 
 Although their privacy is held close, a number of current celebrities can be seen putting around on their golf carts such as actress Minnie Driver, British model Liberty Ross and Sponge Bob Square Pants creator Stephen Hillenburg who enjoy the community’s bohemian vibe and friendliness.
Johnson’s two-bedroom, two-bath home is guaranteed to put a smile on the grumpiest home buyer, and her cheerful trailer seems to smile right back.

Stephen Hillenburg 
Privately surrounded by a combination of tall fencing and lush tropical trees and shrubs, the home is so private, there is a clawfoot-soaking tub in a terrace enclave.
 She has turned the back yard into a tropical oasis perfect for entertaining with a secret garden-style, pergola-covered outdoor living room and multiple areas to entertain guests.

Ren Smith
 Inside, the rooms are large and airy with updated baths and kitchen, a double-sized master bedroom with seating area and is decorated in her colorful creative style as original as the jewelry, clothing and accessories she designs.
The home features hardwood floors, a fireplace and skylight in the living room, large kitchen with skylights, adjoining dining room, recessed lighting throughout and French doors opening to terraces in almost every room.
Designer Betsey Johnson’s happy Paradise Cove Beach retreat is now for sale, priced at $1.95 million. The listing agent is Ren Smith of Compass Realty in Malibu, California.


Genelle C. Brown
Content Manager, Media Division
Phone:  434-480-4504

Twitter:  @toptenrealestat