Wednesday, May 27, 2020

NAI Realvest Closes $4.4 Million Sale of Lake Underhill Business Center in Orlando, FL


Lisa Silva Garavelo

ORLANDO, FL – Tom R. Kelley, CCIM, Principal at NAI Realvest, completed the sale of the Lake Underhill Business Center, at 11495-11555 Lake Underhill Road, Orlando. 

 The property is a Class A office park with 2 single-story buildings totaling 35,000± SF.  Tom Kelley represented the seller, Harrington Mishler, LLC. 


Tom R. Kelley
The property sold for $4,400,000 and the sale closed on May 18th.  The buyer was represented by Lisa Silva Garavelo with WRA Real Estate Solutions, LLC.

 The buyer, Garavelo Business Center, LLC, plans to re-locate their business, JMC Quality Builders, from their existing location off John Young Parkway in SW Orlando. 


Lake Underhill Business Center 11495-11555 Lake Underhill Road, Orlando, FL

 JMC Quality Builders is a national construction company, headquartered in Orlando that has performed jobs in over 30 states throughout the country.  They specialize in hospitality and commercial construction.

CONTACTS:

Tom R. Kelley, CCIM, Principal, NAI Realvest

 Patrick Mahoney, President/CEO, NAI Realvest,
 407-875-9989 pmahoney@realvest.com


Levin Johnston Completes $26.8 Million Sale of 102-Unit Value-Add Multifamily Community in Concord, CA



The Lakes, a 102-unit value-add multifamily community in Concord, CA

CONCORD, CA, May 27, 2020 – 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, has directed the sale of The Lakes, a 102-unit value-add multifamily community in Concord, California.

Levin Johnston’s Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller and procured the buyer in the transaction.

Adam Levin
“The Lakes in Concord is a well-positioned asset for investors looking to achieve and sustain long-term wealth. 

"Concord’s convenient location, in addition to its comparatively low price point for the region, continues to attract renters employed throughout the Bay Area,” explains Levin.

“This acquisition is an ideal value-add opportunity for the buyer to implement strategic upgrades and simple operational improvements to drive strong return-on-investment, alongside organic growth based on increasing demand.”

The community is located near the borders of Concord, Pleasant Hill, and Walnut Creek and provides residents with direct access to local amenities, BART stations, and the greater Bay Area, notes Levin.

“This property was previously marketed unsuccessfully by another broker in the Bay Area,” says Johnston. “We understood the value of its straightforward value-add roadmap and were able to quickly identify a buyer who will be able to achieve institutional management results and capitalize on economies of scale based on their current local portfolio.”

Robert Johnston
Johnston also notes that the brokerage team’s deep knowledge of the local market and close relationships with the buyer and seller were instrumental in bringing the deal to the finish line in the current climate.

“By understanding the impacts of the pandemic on the Bay Area market and investor, we were able to negotiate a price that made sense for both the buyer and the seller,” adds Levin.

“Ultimately, we got the seller comfortable with providing the buyer with a small concession in order to finalize the transaction in a timely manner that was satisfying for both parties.”

Originally constructed in 1967-68, the three-building community offers one- and two-bedroom floorplans. Unit interiors are currently being upgraded to include new wood grain flooring and carpet, new countertops and cabinets, stainless steel appliances, and modern lighting fixtures.

Additional community amenities include a newly renovated swimming pool, secure parking electrical gates, two gazebos on the lake, laundry facility, elevators, and covered exterior walkways.
The Lakes is located at 1818, 1819, 1850 Laguna Street in Concord, California.

Contacts:

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


JLL completes $28.25 million sale of 150 East 45th Street in New York for Children’s Aid


150 East 45th Street,
also known as the Lord Memorial Building,
 in New York’s Midtown East submarket

Habib American Bank acquires 32,270-square-foot mixed-use building located steps from Grand Central Terminal in New York’s Midtown East submarket

NEW YORK, May 26, 2020 — JLL Capital Markets has completed the sale of 150 East 45th Street, also known as the Lord Memorial Building, in New York’s Midtown East submarket for Children’s Aid. 

Bob Knakal

Habib American Bank acquired the 32,270-square-foot mixed-use property for $28.25 million, or approximately $875 per square foot.

The seven-story 150 East 45th Street was designed by Gibbons, Heidtmann & Salvador and constructed in 1950 as a three-story building for Children’s Aid. 


Ellen Herman

The office building was enlarged to seven stories in the mid-1960s and totals 32,270 square feet, with approximately 5,168 square feet of retail space on the ground floor and around 27,102 square feet of office space on the second through seventh floors.
 Jonathan Hageman

The office building is located in New York’s Midtown East submarket, just steps from Grand Central Terminal and a few blocks from The United Nations Headquarters at 760 United Nations Plaza.

 The property is currently occupied by Children’s Aid, a nonprofit that will be vacating the space upon the sale of the property.

The mixed-use building was constructed in a unique “T” shape to provide excellent light and air to the space, allowing for a higher percentage of quality, usable space throughout each floor. 

The floorplates average around 5,400 square feet, with protected air secured by an easement with the neighboring property, 712 Third Avenue.

Clint Olsen
The JLL professionals overseeing the sale of 150 East 45th Street for Children’s Aid includes Chairman of New York Investment Sales Bob Knakal; Managing Directors Jonathan Hageman and Clint Olsen; Executive Vice President Ellen Herman; and Directors George D’Ambrosio and Albert Mamiye

Financial advisory services were provided by JLL Executive Managing Director Max Herzog. The buyer was represented by Jonata Dayan, Executive Vice President of Co-op and Condo Sales, and Brett Weiss, Senior Associate, with HSP Real Estate Group.


Jonata Dayan
“It is a great shot in the arm for the local investment sales market to see this kind of confidence expressed by a prominent foreign bank under current market conditions”, said Knakal. 


Max Herzog


“150 East 45th Street offered an excellent opportunity for Habib American Bank to purchase a boutique office property with potential to be a headquarters building for them.”

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.
George D’Ambrosio

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


About Children’s Aid

For more than 165 years, Children’s Aid has been committed to ensuring that there are no boundaries to the aspirations of young people, no limits to their potential. 

We know what it takes to ensure children and youth grow up strong and healthy, and ready to thrive in school and life: excellent education and health care, social-emotional support, and strong stable families. 

Today, we serve nearly 50,000 children, youth, and their families at more than 40 sites in four under-resourced neighborhoods in New York City.  To learn more, visit ChildrensAidNYC.org.

Albert Mamiye
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. 

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 94,000 as of March 31, 2020. 

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

CONTACTS:


George Shea, Mark Faris
Shea Communications
Phone: +1 212 627 5766
mfaris@sheacommunications.com



Kimberly Steele
Senior Associate, Public Relations
JLL Capital Markets
9 Greenway Plaza, Suite 700
Houston, TX  77046
T +1 713 852 3420
M +1 832 244 9994



jll.com.

            

Ware Malcomb Announces Promotion of Alicia Zaro to Director in Los Angeles Office



Alicia Zaro

LOS ANGELES, CA, May 27, 2020 – Ware Malcomb, an award-winning international design firm, today announced Alicia Zaro has been promoted to Director, Interior Architecture & Design in the firm’s Los Angeles office.

In this role, Zaro is responsible for the growth and management of the Interior Architecture & Design Studio and oversees all interiors projects for the Los Angeles office. 

 Zaro joined Ware Malcomb in 2014 and was promoted to Studio Manager in 2018. Zaro brings extensive interior architecture and design expertise to the Ware Malcomb team, contributing strong design influence, team leadership and devotion to client services.

Zaro has worked on a variety of interiors projects including creative office, renovation, education, retail, hospitality, public, financial and entertainment.

Over the last few years, her role has grown to include business development, managing the studio and project oversight. 

 Radwan Madani
“Alicia has built a great team and a large network of loyal clients and industry partners,” said Radwan Madani, Principal of Ware Malcomb’s Los Angeles office.

 “Her excellent design talent, combined with her strong leadership abilities have been instrumental in expanding our Los Angeles interiors practice and delivering amazing designs for our clients, including many creative end-user spaces. 

"We look forward to her continued success and leadership of our interior design practice in the Los Angeles market.”

 Zaro is a graduate of the highly selective NAIOP So Cal Young Professionals Group, an industry-leading professional development and leadership program. A Certified Interior Designer, Zaro holds a Bachelor’s degree in Interior Architectural Design from the University of California, Davis. She is also an active committee member for CoreNet Global, Southern California.

For more information, please visit waremalcomb.com/news and view Ware Malcomb’s Brand Video at youtube.com/waremalcomb.


CONTACT:


Rachel Devany
VP Public Relations
KCOMM for Ware Malcomb

Maureen Bissonnette
 Associate Principal, Marketing
 949.660.9128