Sunday, April 5, 2020

JLL closes sale of Jacksonville, FL industrial facility


Grainger Distribution Center is a new, fully-leased, Class A, 297,000-square-foot industrial facility in Jacksonville, FL

 Britton Burdette
 ATLANTA,GA – JLL Capital Markets announced it has closed the sale of Grainger Distribution Center, a new, fully leased, Class A, 297,000-square-foot industrial facility in Jacksonville, Florida.

JLL marketed the property on behalf of the seller, a joint venture led by TriGate Capital, LLC. The buyer was undisclosed.

Completed in December 2019, Grainger Distribution Center is home to W.W. Grainger, Inc., a Fortune 500 business-to-business distributor of maintenance, repair and operating supplies (MRO) whose revenues reached $11.20 billion in 2018 and currently holds A+ and A3 investment-grade credit ratings from Standard & Poor’s and Moody’s Investment Service.

Pete Pittroff 
 The institutional-quality facility features a 32-foot clear height, 65 dock-high doors, two drive-in doors, ESFR fire suppression, LED high-bay lighting, deep truck court and low office finish.

Situated on a total of 75 acres at 6590 Pritchard Rd., Grainger Distribution Center is in the Crossroads Distribution Center Park within Jacksonville’s Westside industrial submarket, the largest and most active submarket in Jacksonville. 

The property has easy access to the entire Jacksonville MSA via Interstate 495 along with Interstate 95, which connects the entire eastern United States.

Matt Wirth
The JLL Capital Markets team representing the developer was led by Managing Directors Britton Burdette, Pete Pittroff and Matt Wirth; Senior Managing Director Dennis Mitchell; Senior Directors Patrick Nally and Bret Felberg; and Vice President Luke Pope.

“This was a high-quality, functional industrial asset in one of the best locations in the Jacksonville market,” Burdett said. 

“The seller received strong pricing, and the buyer acquired a great asset that should perform very well for them over their ownership period and beyond.”

Dennis Mitchell
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.

Patrick Nally



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

About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 


Bret Felberg
JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

  




Luke Pope






Contact: 

Kimberly Steele
 JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420
Email:  Kimberly.Steele@am.

jll.com


New Five-Bedroom Model Home Opens at Dream Finders Homes’ New Winter Garden, FL Community


Gerry Boeneman
WINTER GARDEN, FL – The Anna Maria model has opened at Wincey Groves at Hamlin, a new Dream Finders Homes community at 5512 Orange Orchard Drive off Misty Hills Avenue in Winter Garden.

Gerry Boeneman, President of Dream Finders Homes’ Central Florida division, said the spacious 3,108-square-foot Anna Maria with Bonus has five bedrooms, three-and-a-half bathrooms, and a two-car garage. 

“Buyers can choose from nine different floor plans and 177 homesites with 50- and 60-foot widths,” he said. “Priced starting from $365,990 to $480,990, floor plans at Wincey Groves at Hamlin range from 2,235 to 4,700 square feet, with from four to six bedrooms, two-and-a-half to three-and-a-half bathrooms and two- or three-car garages.”

Boeneman added that a variety of options – including private pools – can be selected from the Dream Finders Homes’ extensive design center. 

“Wincey Groves homebuyers can also tour the Tidewater with Bonus model that opened last year featuring four bedrooms, two-and-a-half bathrooms and a two-car garage.” 

Rendering of Anna Maria model at Wincey Groves at Hamlin, a new Dream Finders Homes community at 5512 Orange Orchard Drive off Misty Hills Avenue in Winter Garden, FL

Amenities include a children’s playground and a planned community park. Nightly Walt Disney World fireworks can be seen right from your own yard, Boneman explained

Situated in the new Hamlin area of Winter Garden, Wincey Groves is close to stylish shopping boutiques and trendy restaurants in the Hamlin Town Center .

Other easily accessible conveniences and entertainment are Highway 429, Historic Plant Street and Winter Garden Farmer’s Market.

Contacts:
Gerry Boeneman, division president, Dream Finders Homes,
Carrie Lazzell, Marketing, Dream Finders Homes,
Beth Payan, Larry Vershel Communications,
407-644-4142, 407-461-3781 or beth@larryvershel.com

Saturday, April 4, 2020

JFK’s Georgetown Home in DC on Market for $4.68 Million


President John F. Kennedy's former home in Georgetown district of Washington, DC

Photo credit: Ryan Corey           Source: www.ttrsir.com



                  President John Fitzgerald Kennedy

WASHINGTON, DC -- In the late 1940s, a young John Fitzgerald Kennedy moved to Washington D.C. as a newby congressional representative from Massachusetts where he lived in a beautiful red-brick home in the city’s Georgetown neighborhood.
Jacqueline (Jackie) Kennedy Onassis
According to local legend, JFK first met Jacqueline Bouvier at a nearby neighborhood dinner party when introduced by a mutual friend.
According to the friend, Jack reached across the table for the asparagus and asked her for a date. Today, after extensive renovation and updating, the stately home is on the market at $4.68 million, according to TopTenRealEstateDeals.com.


President William (Bill) Clinton and wife Hillary Rodham Clinton
Since Washington’s first days as America’s capital city in the 1790s, politicians, lobbyists, and journalists have gravitated to the Georgetown neighborhood for the city’s best restaurants, schools, art galleries, quaint shops and homes.
 Kitty Kelly
 It has been home to Francis Scott Key and Alexander Graham Bell. Both Jack and Jackie Kennedy, prior to and after their marriage, lived there.

The Clintons, Pamela and Averell Harriman, columnist Drew Person, journalist Kitty Kelly, Henry Kissinger and many other of the country’s movers and shakers have called Georgetown home.

Pamela and Averell Harriman
With Georgetown University on the community’s doorstep, many of the capital’s embassies including France, Sweden and Thailand are also located in the Georgetown neighborhood.


Washington columnist Drew Person

Well known to film fans, Georgetown has been the setting for a number of movies including Topaz, St. Elmo's Fire and The Exorcist.

On a tree-lined, cobblestone street, Kennedy’s former residence is located only a few blocks to Georgetown University and the Potomac River.


Henry Kissinger 
The circa-1800, three-bedroom, four-bath house measures in at 4,659 square feet of living space with large windows, high ceilings and is cheerful and bright with sunshine spilling into the large rooms.

Francis Scott Key

The ground floor has a dramatic foyer with suspended circular staircase, formal living and dining with large entertaining terrace and a beautifully paneled library.
The large eat-in, lounge-in kitchen is up-to-the-minute in style and function and the laundry room is spacious. Every inch of the residence has undergone extensive renovation and updating.


Alexander Graham Bell
Upstairs bedrooms and baths are cheerful and bright with a private terrace off the master that also has a fireplace.
Despite coming from one of America's wealthiest families, Kennedy was not much of a home owner almost always choosing to rent instead of buying - including his free White House residence.

Christie-Anne Weiss 
 He also had the unlimited use of his parents' mansions in Palm Beach and the Kennedy Compound on Cape Cod.
The Georgetown home that JFK rented in his early congressional days is for sale at $4.68 million.
The listing agents are Christie-Anne Weiss and Christopher Ritzert of TTR Sotheby’s, Washington, D.C.

CONTACT:

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

Twitter:  @toptenrealestat
facebook.com/toptenrealestat

Self-storage portfolio in the NYC and Boston MSAs sold


A portfolio of three Class A self-storage properties totaling 3,596 units was sold in the greater New York City and Boston areas.

 
Steve Mellon 
HOUSTON, TX – JLL Capital Markets announced it has closed the sale of a portfolio of three Class A self-storage properties totaling 3,596 units in the greater New York City and Boston areas.

JLL marketed the portfolio on behalf the sellers, which are affiliates of Banner Real Estate Group. An affiliate of Public Storage purchased the assets.

The portfolio comprises three new, institutional-quality assets in highly desirable, densely populated core urban areas with extremely high barriers to entry. 

The facilities were constructed in 2018 and 2019. The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle, which is in Westchester County, and the Boston-area property is at 490 Eastern Ave. in Malden.


Brian Somoza
The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Senior Managing Directors Andrew Scandalios and Coleman Benedict.

“This portfolio offers immediate scale in the self-storage sector with a meaningful presence in two of the most sought-after markets in the U.S.,” Mellon said. 

“This was an extremely rare opportunity for the buyer to place a large amount of capital in institutional-quality assets located in core, urban areas with extreme barriers to entry for new competition.”


Andrew Scandalios 
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.

Coleman Benedict
About Banner Real Estate Group:

Banner Real Estate Group and its affiliates (“Banner”) are a group of real estate companies based in Northbrook, Illinois. 

Banner focuses on the acquisition, management and development of multifamily, self-storage and senior housing properties nationwide. 

Since its founding in 1989, Banner as acquired and operated 48 multifamily properties and has developed 20 self-storage facilities and apartment communities, collectively worth nearly $1.4 billion. 




Contact: 

Kimberly Steele
 JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420
Email:  Kimberly.Steele@am.jll.com


Class A mixed-use property in Metuchen, NJ trades for $29.6 million


The Hub at Metuchen is a Class A, transit-oriented mixed-use residential and retail property located
 in Metuchen, Middlesex County, New Jersey.

Jose Cruz

MORRISTOWN, N.J., March 23, 2020 – JLL Capital Markets announced today that it has completed the $29.6 million sale of The Hub at Metuchen, a Class A, transit-oriented mixed-use residential and retail property in Metuchen, Middlesex County, New Jersey.

JLL marketed the property exclusively on behalf of the seller, Renaissance Properties. A private buyer purchased the asset as part of a 1031 exchange requirement free and clear of existing financing.

The Hub at Metuchen is situated on 2.69 acres at 656-660 Middlesex Avenue in the heart of Metuchen’s transit village.

Steve Simonelli
 Located in central New Jersey, just off Interstate 287 and less than a 10-minute walk from the Metuchen train station, the property offers residents convenient access to all of the New York City metro’s major employment centers, including Manhattan in 45 minutes. 

Metuchen’s convenient access to transportation has led to a recent renaissance in the vibrant downtown, reflected by over 100,000 square feet of retail and 428 apartment units delivered since 2014 within a half-mile of the Metuchen Station.

Completed in 2018, The Hub at Metuchen consists of a mix of 79 luxury apartments averaging 899 square feet along with 11,203 square feet of retail and a total of 136 parking spaces. 

Michael Oliver
The property offers a luxurious amenity package, including a state-of-the-art fitness center with yoga room, resident lounge, bike storage and pet washing station. 

Units feature quartz countertops, wood cabinetry, designer tile, plank flooring, smart lock entry, and in-unit washers and dryers.

The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Michael Kavanagh.

Kevin O’Hearn
“We are seeing transactions that represent good long-term opportunities in strong markets still closing given today’s current environment,” Cruz said.

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.

 Michael Kavanagh
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 Senior Associate
 Public Relations  
Phone: +1 713 852 3403

Levin Johnston Completes Sales of Two Bay Area Multifamily Communities Via Strategic 1031 Exchange

1 Devonshire is a 15-unit multifamily property in the San Francisco Peninsula submarket of San Carlos, 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, recently sold two multifamily assets in the Bay Area:

Adam Levin
Leigh Court, an 18-unit multifamily community in San Jose, California and 1 Devonshire, a 15-unit multifamily property in the San Francisco Peninsula submarket of San Carlos, California.

With these sales, the brokerage team facilitated a strategic 1031 exchange on behalf of the investor who sold Leigh Court and acquired 1 Devonshire, according to Levin Johnston’s Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston – who were both recently recognized by CoStar Group, Inc. as Power Broker Award recipients. 

“Demonstrating the strength of the irreplaceable San Jose location, we were able to quickly source a buyer for Leigh Court who met the seller’s price requirement,” explains Levin.

“The seller of the asset was then looking to acquire another Bay Area property that would offer immediate strong cashflow and growth potential with less hands-on management required.”

Robert Johnston
According to Johnston, the team recognized that the 1 Devonshire community, which had previously been marketed unsuccessfully by other brokers, would be an ideal asset for the investor to trade into as part of their 1031 exchange.

“We were able to procure the investor we worked with to sell Leigh Court as the buyer of the San Carlos community, which had recently undergone strategic interior and exterior improvements to increase its value,” Johnston continues.

“The buyer in this transaction recognized the long-term potential in 1 Devonshire, and we were ultimately able to satisfy both parties’ investment objectives.”

San Carlos is located in the heart of San Francisco Bay Area and is known for its high quality of living. Situated near the nation’s top tech employers and lively community, 1 Devonshire is a trophy asset that will attract Peninsula renters for years to come, notes Levin.

 Contacts:

Alex Caswell / Elisabeth Manville 
Brower Group
(949) 438-6262



Friday, April 3, 2020

Home Prices Still Unaffordable in 66 Percent of Local Markets



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 first-quarter 2020 U.S. Home Affordability Report, which shows that median home prices in the first quarter of 2020 are unaffordable for average wage earners in 319 of 483, or 66 percent of the U.S. counties analyzed in the report.

 But that figure is down from 70.4 percent in the fourth quarter of 2019 and 69.8 percent from the first quarter of 2019.

The report also shows that owning a median-priced home in the first quarter of 2020 in the United States – costing $252,500 – consumes 31.1 percent of the national average wage.

That percentage is down from 31.4 percent in the fourth quarter of 2019 and 31.6 percent in the first quarter of 2019, to the lowest percentage since the fourth quarter of 2017, when the average workers were spending 30.8 percent of wages to own a home.

The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio.



That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics.

“Home affordability has inched ahead this year across the United States as buying a house or a condo gets closer and closer to the level where the average wage earner can swing the deal within standard lending guidelines," said Todd Teta, chief product officer with ATTOM Data Solutions.

 "While the national median price still remains a bit out of reach for the average wage earner, the affordability gap has narrowed to the smallest point in more than two years.

“It seems bizarre that median home prices have risen 8 percent over the past 12 years while average wages grew by less than half that amount.

"But falling interest rates continue making up the difference, dropping monthly home ownership payments in a majority of the country.”

“All that may change in a huge way over the next few months as the impact of the coronavirus hits the housing market. We are entering a period of great uncertainty.

 “But in the initial months of the year, the picture has appeared to continue to brighten for home seekers.”

For a detailed analysis on a county-by-county level, please contact:

 Christine Stricker
949.748.8428

Data and Report Licensing:

949.502.8313