Thursday, November 7, 2019

Broward County Convention Center Events Division Leases Office at Nearby Resolve Marine Building in Fort Lauderdale, FL


Judy Dolan

 FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International Senior Vice Presidents Judy Dolan and St. George Guardabassi recently represented Sixteen Hundred Seventeenth, LLC in leasing 4,352 sq. ft. of office space in the Resolve Marine Building to Broward County for its Convention Center Events Division.

St. George Guardabassi

Located at 1600 S.E. 17th Street across from the Greater Fort Lauderdale/Broward County Convention Center, the Resolve Marine Building will accommodate Convention Center staff during the venue’s expansion, which includes 525,000 sq. ft. of additional meeting space and an upscale 800-room headquarters hotel.

“The building was chosen by Broward County due to its location just across the street from the Convention Center, which offers staff convenient access to the site during the expansion process,” Dolan said. “Additional benefits include numerous restaurants within walking distance and close proximity to downtown Fort Lauderdale.”

Resolve Marine Building, 1600 Southeast 17th Street,
Fort Lauderdale, FL

The Resolve Marine Building is a 36,497-sq.-ft. office building located along 17th Street Causeway in the heart of the “Yachting Capital of the World.” The building is 100 percent occupied. Tenants include Resolve Maritime Academy, MHG Insurance and HSBC Bank.

CONTACT:

Lexi Robinson
 lrobinson@PiersonGrant.com


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


JLL completes $19.5 million sale of suburban Boston shopping center


Jessica Dowd

BOSTON, MA – JLL announced it has closed the $19.525 million sale of a 79,300-square-foot Stop & Shop-anchored shopping center in the suburban Boston community of Stoughton, Massachusetts.
JLL represented the seller, KPR, in the transaction. 

The buyer, RK Centers, based in Needham, Massachusetts, is a privately held, family-owned real estate development company, which owns over 8,000,000 square feet of commercial space.

Nat Heald

The property is anchored by a 59,987-square-foot Stop & Shop supermarket and is home to several convenience-type retailers, including Bank of America, Care Central Urgent Care and Andrade’s Liquors. 

Situated less than 20 miles south of Boston, the property is located at 278 Washington Street along Route 138, a busy commercial corridor with daily traffic counts exceeding 27,000 vehicles per day. 

Additionally, the surrounding area is densely populated with more than 142,000 residents earning an average household income of more than $107,000 within a five-mile radius of the property. 

The JLL Capital Markets team representing the seller was led by Executive Vice President Nat Heald, Managing Director Chris Angelone and Vice President Jessica Dowd.

Chris Angelone 
Ken Fries, Director of Acquisitions for RK Centers, said, “In the last four years, RK Centers has acquired more than 2.5 million square feet of commercial space. 

"Our investment formula focuses on open-air, well-situated, heavy traffic locations with good demographics – and respected credit tenants.” 

Fries attributes the firm’s 35-year track record to its founder’s guiding principles: minimal debt and close working relationships with tenants, customers, and local and regional vendors. Acquisitions are exclusively regional shopping centers located in New England and South Florida.

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


Ken Fries
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
Email: Kristen.Murphy@am.jll.com


Retail center sold for $20.5 million in Orlando’s main tourist corridor


Tourist Plaza retail center at 8510-8580 International Drive, tourist corridor, Orlando, FL

ORLANDO, FL – JLL announced it has closed the $20.5 million sale of and secured the leasing assignment for Tourist Plaza, a 50,712-square-foot, fully leased strip center along Orlando’s main tourist thoroughfare, International Drive.

Colette Santana

 JLL procured and represented, collectively with Orion Real Estate Group, the buyer, Orion Buying Corp, in the off-market transaction after the seller, Tourist Plaza, LLLP, approached JLL to find an off-market buyer for Tourist Plaza.

John Krzyminski 
Located at 8510-8580 International Drive in the heart Orlando’s dynamic and thriving tourist corridor, Tourist Plaza benefits from more than 75 million visitors that visit Orlando annually, with more than 100 million visitors expected by 2024. 

With a strong annual occupancy rate of nearly 85%, there are more than 50,000 hotel rooms in a three-mile radius, and that number is continuing to grow. 

Additionally, more than 41,800 residents earning an average annual household income of $115,083 live within a three-mile radius of the property. 


Max Krzyminski
Completed in 1991, Tourist Plaza is home to a mix of restaurant and retail tenants, including Tony Roma’s, Bar Louie, Bargain World Gift Shop and Cici’s Pizza.

The JLL Capital Markets team that represented the seller was led by Senior Vice President John Krzyminski and Senior Associate Max Krzyminski.

The JLL Leasing team includes Senior Associate Colette Santana and Senior Vice Presidents John Krzyminski and Billy Rodriguez.

“International Drive is one of the hottest retail markets in the U.S., and real estate near the Orange County Convention Center and ICON Park trades at a premium in the rare opportunity that real estate does become available,” John Krzyminski said. 


Billy Rodriguez
“This will be an excellent generational hold and trophy asset for Orion’s portfolio. With Universal Orlando building a new theme park and several other large area developments happening in the immediate vicinity, this market will continue to see increased demand for acquisitions and increased property values.”

The Orion Real Estate Group team that represented the buyer with JLL was led by Vice President Steven Borysewich and Vice President Duane Comprosky.

“Tourist Plaza is yet another key piece to our continuing acquisition strategy in searching for properties with exceptional underlying value,” Borysewich said. 

“Our search was accelerated working with John Krzyminski, as he is known for being the market expert on International Drive, having best access to on and off-market opportunities and working hard throughout the transaction. We recommend John highly to other buyers or sellers.”


Steven Borysewich
Chad Maali of Dynamic Realty & Development represented Tourist Plaza, LLLP through the contract.

According to a recent JLL Retail Outlook Report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. 

Additionally, service tenants dominated openings in strip centers, led by insurance companies and salons. Small chain restaurants were also active.

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

 orionmiami.com 
 jll.com


Arbor Funds $68.6 Milion Fannie Mae Streamlined Early Rate Lock Portfolio in Dallas-Fort Worth, TX Region


Vincent Chiodo 
                          

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded five refinance cash-out loans totaling $68.6M under the Fannie Mae Streamlined Early Rate Lock product line for conventional multifamily housing. The loans provide 12-year fixed terms with six years of interest only.

Dallas-Fort Worth, TX property
Vincent Chiodo of Arbor’s New York City office originated the loans.

“The Streamlined Early Rate Lock product helps our clients flexibly manage their interest rate risk,” said Chiodo.“It’s also a great example of the wide range of innovative solutions Arbor provides our borrowers, in this case, conventional multifamily properties looking to lock in favorable rates early on in the loan.”

This portfolio consists of more than 1,100 units. The two-story properties in the Dallas-Fort Worth region were recently refurbished with many indoor and outdoor amenities, and easy access to nearby cities, dining, parks, recreation and entertainment. 
Contact: 

Bina Handa
Tel: 516.506.4229

JLL arranges sale and financing of Houston, TX multi-housing property


Alexan Enclave,  a 354-unit, Class A multi-housing community located in West Houston’s Energy Corridor.

HOUSTON, TX – JLL announced it has closed the sale and arranged financing of Alexan Enclave, a 354-unit, Class A multi-housing community located in West Houston’s Energy Corridor.

JLL marketed the property exclusively on behalf of the seller, Trammell Crow Residential and Cigna Investment Management.

                                             Bailey Crowell

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Todd Marix and Chris Curry and Analyst Bailey Crowell.

Cameron Cureton
JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Cameron Cureton and Senior Managing Director Matt Kafka.

 F&B Capital purchased the offering free and clear of existing financing. Additionally, JLL worked on behalf of the new owner to place the acquisition loan on their behalf.

Alexan Enclave is located at 13411 Briar Forest Drive across from Parkway Village, a 134,000-square-foot, Kroger-anchored community retail center. 

Completed in 2014, the mid-rise, wrap-style property is zoned to top-rated schools and is walking/biking distance to The Enclave, an 878-acre office park. Alexan Enclave consists of two four-story buildings and a six-story parking garage. 

Todd Marix 
Units average 909 square feet and feature open-concept floor plans and high-end finishes, including high ceilings, stainless steel appliances, granite countertops, hardwood cabinetry with under cabinet lighting, a blend of tile and plank flooring throughout, wood blinds, soaking tubs, walk-in closets, full-sized washers and dryers, and private patios or balconies.

 Community amenities include a resort-style pool with fountain feature, separate lap pool, shallow-water seating, covered outdoor kitchen, fire pit, enclosed dog park, pet wash station, large modern clubhouse, demonstration kitchen, business center, executive conference room and electric car charging station.
  
“Alexan Enclave offers excellent long-term growth potential for new ownership,” Curry said. “The buyer was able to obtain a best-in-class, non-commodity asset below replacement cost in a strengthening Energy Corridor submarket, which currently has no new multi-housing units under construction. 

Chris Curry
"Fundamentals have been boosted by new leases and corporate expansions underway in the local office market.”

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.



About Trammell Crow Residential

Trammell Crow Residential (TCR) is a national multifamily real estate developer with a local presence in 13 key U.S. markets. 

Over 40 years, TCR has built over 250,000 premier multifamily residences, delivering amenity-rich communities in economically thriving locations nationwide. 

TCR and Crow Holdings Industrial (CHI) are part of the development platform of Crow Holdings, a privately-owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership, and innovation.

 For more information, please visit https://www.crowholdings.com/tcr.

Contact:

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


NAI Realvest’s Veronica Malolos Earns Prestigious CCIM Designation


 Veronica Malolos


KISSIMMEE, FL  and ORLANDO, FL -- Veronica Malolos, Osceola County broker at NAI Realvest, has been awarded the Certified Commercial Investment Member (CCIM) designation from the CCIM Institute recognizing her as an expert in the disciplines of commercial and investment real estate.     
  Malolos completed all of the requirements including the Institute’s comprehensive studies and testing, and demonstrated a vast portfolio of experience. 
 CCIMs must be proficient in the areas of investment analysis, market analysis, user decision analysis and financial analysis for commercial real estate.   
Patrick Mahoney
Patrick Mahoney, President and CEO of NAI Realvest said in addition to this achievement Malolos is an established leader in Osceola County and serves as Chairwoman of the County’s Planning Board.  
She has more than 15 years of experience in commercial real estate focusing on tenant representation, brokerage, investment, development, sales and leasing.  
Among the more than 150,000 commercial real estate professionals in the United States , only an estimated 6 percent hold the CCIM designation.   
  CCIM members are responsible for an approximate US$400 billion annually of real estate transactions globally. CCIM Institute is a commercial affiliate of the National Association of Realtors and is headquartered in Chicago .

CONTACTS:
Veronica Malolos, CCIM, CRB, CIPS, MiCP,  Osceola County Broker,
 NAI Realvest  407-875-9989 or vmalolos@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest, 407-875-9989 or pmahoney@realvest.com
Beth Payan, Larry Vershel Communications Inc. 
407-644-4142 or 407-461-3781 Lvershelco@aol.com