Sunday, May 3, 2020

Voit Real Estate Services Directs $14.5 Million San Diego, CA Sale of High-Quality Office Property in Less Than One Week

City Center Office Project, San Diego, CA

Kipp Gstettenbauer 
San Diego, CA Kipp Gstettenbauer and Ryan King of Voit Real Estate Services Private Client Group have successfully directed the sale of a City Center office property in San Diego, California for $14.5 million in less than one week.

The property, at 4275 and 4283 El Cajon Boulevard, includes two of the largest office buildings on El Cajon Boulevard and a four-story, 149 stall parking structure.

Gstettenbauer and King, Senior Partners of Voit’s San Diego office represented the seller, San Diego State University Research Foundation (SDSURF), in the transaction.

The property was sold to Casey Brown Companies, one of the most active buyers in San Diego. Voit Real Estate Services also represented the buyer in the deal.

Ryan King
“We have worked with the SDSURF over the last several years on a variety of assignments.  

"When the foundation wanted to sell this asset, we knew we would be able to achieve the highest and best pricing for them,” says Gstettenbauer.

“Ultimately, we were able to structure a deal that benefitted the seller and the buyer in both the short and the long-term with rapid speed and ease of execution.

"Working with both principals from SDSURF and the Casey Brown Companies, made for a perfect match in putting this transaction together. 

"We could not have been more pleased with how both parties handled themselves in such unconventional times.”


CONTACT:

Lexi Astfalk
Brower Group
(949) 438-6262

JLL arranges construction loan for first phase of The Riverfront development in Waco, TX


Rendering of planned Brazos Promenade at The Riverfront Lofts project, Waco, TX

DALLAS, TX  JLL Capital Markets announced it has arranged construction financing for The Riverfront Lofts, a 266-unit, Class A multi-housing project, which will be the first phase of The Riverfront mixed-use waterfront district in downtown Waco, Texas.

JLL worked exclusively on behalf of the developer, Catalyst Urban Development, to secure the floating-rate construction loan that was provided by First United Bank.

The JLL Capital Markets team representing the borrower was led by Managing Director Jeremy Sain.


Jeremy Sain
This development is the result of a collaborative multi-year effort leading to a proactive public/private partnership with the City of Waco aimed at creating a vibrant urban riverfront experience complete with a new public park, farmers market venue, interactive streetscapes and destination venues.

The Riverfront Lofts will be the first phase of the planned mixed-use district and will be constructed on a 6.37-acre site along S. University Parks Drive just west of Interstate 35 and within walking distance to the Baylor University campus and Waco’s largest attraction, Magnolia Market at the Silos.

The property will be an urban residential project designed to combine seamlessly with the upcoming restaurants, hotel, small office and public uses within the walkable urban district that is situated along the Brazos River.

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

 CONTACTS:

Olivia Hennessey
Senior Associate, Public Relations
Jones Lang LaSalle Americas, Inc.
9 Greenway Plaza, Suite 700
Houston, Texas 77046
T +1 713 852 3403



JLL closes the sale of a self-storage development site in New Orleans


Rendering of planned SpaceBox Storage at 1125 South Liberty Street in New Orleans, LA

HOUSTON, TX – JLL Capital Markets announced  it has closed the sale of a 1.16-acre land site that will house SpaceBox Storage, a to-be-built, three-story, Class A self-storage facility with 836 climate-controlled units within a Qualified Opportunity Zone in New Orleans, Louisiana.

Steve Mellon
JLL marketed the property on behalf of the seller, Baranof HoldingsYork Developments purchased the site and will develop the facility.

York Developments is constructing SpaceBox Storage at 1125 S. Liberty St. in an infill location in the New Orleans central business district. 

With 300 feet of frontage along the south side of Earhart Boulevard (Pontchartrain Expressway Frontage Road), the location has excellent exposure to combined traffic counts of more than 151,000 vehicles from Earhart Boulevard and Pontchartrain Expressway. 

The site is proximate to the intersection of Earhart Boulevard and Simon Bolivar Avenue, providing easy access to drivers exiting Pontchartrain Expressway. 

 Brian Somoza 
There are more than 190,000 residents and approximately 3,000 multi-housing units currently under construction within a three-mile radius of the site, and the existing self-storage supply of 3.65 square feet per person is well below the national average within the same area.

The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Senior Vice President Greg Riera.

“York Developments is developing SpaceBox Storage in an infill location with excellent exposure in a dense, growing market with limited supply,” Mellon said. 

Greg Riera
“The lack of supply in the immediate area due to the countless challenges new development faces made this land site that is already fully entitled and permitted for a self-storage development attractive.”

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.
  
Contact: 

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

 baranofholdings.com.
yorkdevelopments.com 


Community Matters: Charles Wayne Properties Offers Covid-19 Response Space As Bases of Operation For Support Efforts



Ted Lightman

DAYTONA BEACH, FL -- Charles Wayne Properties, Inc. headquartered in Daytona Beach wants to lend a helping hand to individuals, businesses, and organizations needing commercial space to aid in the COVID-19 response.
 “We’re in this together, and supporting local recovery efforts is critical,” said Ted Lightman, Vice President and Principal of Charles Wayne Properties, Inc. 

Sanlando Commerce Center

 “We have some vacant space that can be put to use to assist responders, manufacturers, and other groups doing their part to fight the pandemic in the communities we serve.

 “Our team has been trying to identify ways we can put the Charles Wayne resources to work to support people and businesses working on the front lines of COVID-19 relief.   What we have to contribute is our inventory. 

 "We have commercial properties in central locations that can be utilized as bases of operation for support efforts.  If your organization provides services or supplies to help with the COVID-19 recovery, and you need a space to work from, let us know.  We can help.”

Granada Plaza

 Groups qualifying for space under this program will be provided short-term leases during which they only pay their share of utilities, insurance, tax, and costs of maintaining the space.  

 “Base rent”, the most significant portion of a tenant’s rent under a standard lease, will be waived during the term of these agreements, freeing up thousands of dollars for companies providing COVID-19 support in Volusia, Seminole, and Orange counties.

Monroe CommerceCenter

 Charles Wayne Properties, Inc. plans to offer this program at its office, retail, flex industrial, and warehouse properties in Altamonte Springs ; Daytona Beach ; Lake Mary ; Orlando ; Ormond Beach ; Port Orange and Sanford .

To contact Charles Wayne Properties about available space for this program, please send an email explaining your group’s space requirements and how your organization is part of the COVID-19 response effort to community@charleswayne.com.

 CONTACTS:

 Ted Lightman, Principal, Charles Wayne Properties, Inc
386-506-0028 or 407-729-0813 tlightman@charleswayne.com

Beth Payan, Larry Vershel Communications,
 407-461-3781 Beth@LarryVershel.com   

Keyes/Illustrated Luxury Report: South Florida High-End Sales Surge in First Quarter with COVID-19 Impact Looming

Mike Pappas


Pandemic likely to result in down second quarter, but pent-up demand for $1 million-and-up homes and condos should fuel quick rebound once travel resumes

MIAMI, FL and PALM BEACH, FL  – Luxury single-family home and condominium sales increased significantly during the first quarter of 2020, according to the quarterly South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties.

The region’s high-end residential market is expected to have a rough second quarter due to COVID-19, however, before bouncing back in a major way once travel bans are lifted.




Miami-Dade, Broward, Palm Beach and Martin counties had a year-over-year transaction increase of 21% for $1 million-and-up single-family homes, from 677 in the first quarter of 2019 to 819 in the first quarter of 2020.

The high-end single-family sector also posted a 21% year-over-year jump in cash sales, from 376 to 456.

On the condo side, South Florida’s year-over-year sales rose nearly 13%, from 358 to 404. Cash sales increased by 9.4% to 290 during that span.



The region’s average sales price for condos dropped by 12% to $2.19 million, a sign that sellers and buyers were able to close pricing gaps during the first quarter.

Palm Beach County led the way in overall gains for both luxury single-family and condo sales. The county had a 24.5% year-over-year jump in single-family sales to 345 in the first quarter, and a 35% spike in condo sales to 147.

Each sector experienced a surge of cash buyers, with single-family cash sales increasing 20.3% to 231 and condo cash sales rising 27% to 113.



 The second quarter of 2020 is likely to paint a different picture, with the COVID-19 outbreak resulting in a dramatic short-term transaction slowdown. Looking long-term, South Florida luxury sellers should benefit from pent-up buyer demand and tight inventory levels.

“Once travel returns to pre-COVID-19 levels, we will see even more domestic migration from New York, New Jersey, Connecticut and other high-tax states in the Northeast,” said Keyes and Illustrated President and CEO Mike Pappas



“The pandemic’s devastating impact in those dense Northeast markets is going to be the last straw for those who hadn’t already relocated here following the SALT deduction cap. Palm Beach County continues to be the top relocation target for such buyers.”


CONTACT:

Eric Kalis
Vice President, BoardroomPR
O 954-370-8999 
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322